Governor Jindal signed a new pension plan for state employees last week. But, a new part of the plan that concentrates on teachers and their retirement plan.

This new law, HB 1131 by Representative Kevin Pearson, requires separate employer contribution rates for the different benefit plans in the Teachers Retirement System of Louisiana (TRSL).

What this allows for is for new teachers hired  in the state system to be allowed the best retirement plan possible by allowing for each of the different plans that the teachers might be entitled to be separately funded.

Governor Jindal said,

This is a common sense reform that will allow employers to pay the actual cost of retirement for their own employees.  This new law will allow colleges and universities to realize savings from adoption of a cash-balance retirement system."

Governor Jindal signed the plan yesterday.