HB38 by Representative Rick Edmonds brings sunlight to local school district spending by adding many school districts to the Louisiana Fiscal Transparency Website, LouisianaCheckbook.com, and requiring other smaller entities to post enhanced transparency on their websites. It is modeled after both Louisiana Checkbook and an existing project by the Lafayette Parish School Board to post...View Report
The complex nature of the retirement system tends to obscure the importance of pension reform. This has contributed to an unfortunate lack of urgency over the years. But while the details can appear daunting, the crux of the matter is simple: Louisiana has promised its retirees more than it can deliver.
Under a proposed constitutional amendment, at least 5 percent of surplus funds must be used to pay down unfunded accrued liabilities that existed as of June 30, 1988 for the Louisiana State Employees' Retirement Systems (LASERS) and the Teachers Retirement System of Louisiana (TRSL).
Rep. Kevin Pearson's retirement reform bill passed the Louisiana House by a comfortable, bipartisan margin on Monday. His legislation provides for a readjustment of the final average compensation (FAC) for state employees that would be used to pay down unfunded accrued liabilities.
As an alternative to the pension reform legislation favored by Gov. Bobby Jindal, the House Committee on Retirement has voted to move a bill to the floor the includes an across the board increase in state employee pension contributions that would be used to pay down unfunded accumulated liabilities.