Pension change revise proposed
by Marsha Shuler - Advocate (excerpt)

The state Senate Finance Committee will be asked Monday to significantly revise Gov. Bobby Jindal’s proposed state employee retirement system overhaul, according to the Senate sponsor of the bills.

The proposed rewrite still would require most state employees to contribute more and work longer for reduced benefits but the changes would evoke less “heartburn,” said state Sen. Elbert Guillory, Jindal’s Senate pension floor leader. Jindal’s proposals cover more than 60,000 members of the Louisiana State Employees Retirement System and higher education members of the Teachers Retirement System of Louisiana. Judges and hazardous-duty employees would be exempt.

Jindal said the pension law changes are needed to start addressing the long-term liabilities of Louisiana’s four statewide retirement systems, which are creating a drain on the state budget. He said the situation needs to be stabilized for the benefit of the state as well as pension system members.