RS 100.49 - 2021 Market Adjustments Reduction Fund
A. There is hereby created and established in the state treasury, as a special fund, the 2021 Market Adjustments Reduction Fund, hereinafter the "fund". After allocation of money to the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the fund any monies reported by the commissioner of administration as being achieved as a result of the reductions to agency budgets for market adjustments for classified employees and pay raises for unclassified employees made by the commissioner of administration.
B. The monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund.
C. Monies in the fund may be utilized to restore market adjustments for classified employees and pay raises for unclassified employees proposed and subsequently eliminated during the 2020 First Extraordinary Session of the Legislature of Louisiana, in the event economic conditions warrant such action and are approved either by the legislature, if in session on or before October 15, 2020, or the Joint Legislative Committee on the Budget, if the legislature is not in session on or before October 15, 2020.
Acts 2020, 1st Ex. Sess., No. 10, §7, eff. July 1, 2020.
NOTE: Provisions in HB 1 of the 2020 1st Ex. Sess. that would have generated monies for this fund were vetoed by the governor.