The proposed settlement is heralded by some as a major victory, supposedly securing $100 million for the state to use for coastal restoration. In reality, the proposed settlement, if adopted, would yield nowhere near $100 million and divert much of the money it did raise to unrelated government spending. Two key flaws undermine the settlement’s...View Report
Louisiana public pension funds sought to withdraw $143 million from Fletcher Asset Management earlier this week, but were presented with IOUs in lieu of cash, leaving taxpayers to foot the bill.
Policy differences within Louisiana's Republican Party complicated efforts to pay down the unfunded accrued liabilities (UALs) within the state's retirement funds. Rep. Kevin Pearson's (R-Slidell) was defeated in the Senate Retirement Committee on Sunday.
Taxpayers are covering 56 percent of the pension plan contributions for Louisiana State Troopers. Moreover, a portion of the fee residents pay for their driver's license is also used to help fund the police retirement plan. At a time when rising liabilities threaten the stability of the entire state pension system, state troopers should not be excluded from policy changes, and NFIB official says.
Rep. Kevin Pearson (R-Slidell) has proposed an across-the-board increase in pension contributions from state workers that would include police officers, judges and university professors. He credits Gov. Bobby Jindal for calling attention to the challenge of rising liabilities, but favors changes that are not limited to the "rank-and-file" workers.