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Story Archives: Lawmakers not sold on retirement reform
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Lawmakers not sold on retirement reform
While Gov. Bobby Jindal's education reform package blew through the early days of the legislative session, steam-rolling most opposition and passing virtually intact, some veteran lawmakers predict Jindal's proposals to reform the state's retirement system will run into major roadblocks.
One thing most legislators agree on is that the retirement system faces serious challenges, and foremost among them is an unfunded accrued liability (UAL) of about $18.5 billion.
In simple terms, that means the system lacks the financial resources to pay for the retirement benefits it has promised to participants in the plan.
The governor's package would change the retirement plan for new state hires.
New state employees would be covered under a "cash-balance" plan, in which they would receive investment returns on their contributions rather than a set monthly pension amount.
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