Larger Than Expected Retirement Payments Rejected
BATON ROUGE, La. (AP) — Parish school boards and state government won't have to come up with larger-than-expected contributions to fund pension plans for their employees in the new budget year.
An actuarial committee for the state's public retirement systems sidelined proposals Tuesday that would have caused large increases in the payments for 2014-15.
The Advocate reports the proposals would have forced school boards to contribute $100 million more than anticipated and the state an extra $40 million.
The recommendations for larger increases came from the legislative actuary as he looked at the financial health of the pension plans.
But the committee instead opted to adopt evaluations proposed by the Teachers' Retirement System of Louisiana and the Louisiana State Employees Retirement System. Those numbers have been used in state government and school board budgeting.