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Five years have passed since the last cost-of-living increase for retirees under Louisiana’s major state retirement programs. As decision-makers consider a boost in payments for those drawing state retirement income, PAR recommends that new benefits, if granted, be funded in a fiscally responsible manner.
The governor is proposing a set of changes to Louisiana’s pension programs for the purpose of reducing the state’s retirement costs and the burden of pension liabilities.
The 2005 Regular Session of the Legislature was primarily a fiscal session; however, it was also the first meeting of the new, hybrid fiscal and limited-general session that was created by a 2002 constitutional amendment. In addition to fiscal bills, legislators could introduce up to five non-fiscal bills dealing with state concerns and an unlimited […]
The state’s 40-year plan to pay off the unfunded accrued liability (UAL) of the pension systems and achieve 100% funding by 2029 is in deep trouble. Due to a backloaded payment schedule, added benefits and investment losses the combined UAL has ballooned from $6.1 billion to over $12 billion and will continue growing for another […]
Like the weather, Louisiana’s fiscal condition has never been entirely predictable. State general fund expenditures have exceeded revenues in 10 of the last 20 years, sometimes by a sizable amount. In six of those years there were relatively large surpluses.
A number of major PAR reform recommendations were enacted in the governor’s first special session. These include: the creation of a strong, independent single ethics board; computerization of campaign finance records; and a ban on campaign contributions by gambling interests.
Early retirement remains a viable option for legislators, teachers and state employees in spite of numerous research findings by PAR that benefits are excessive and out of line with the rest of the country.
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