Thursday, April 16, 2009

Retirees question retirement system consolidation plan

A proposed measure to combine the boards of the four state retirement systems concerns some retirees about the supervision of their pensions.

The consolidation legislation, sponsored by state Rep. Jeff Arnold, D-New Orleans, and House Speaker Jim Tucker, R-Terrytown, was brought up along with cost of living adjustments and federal benefit holdbacks during meetings of state retirees around Louisiana.

The bill would affect the boards of the Louisiana State Employees Retirement System, called LASERS; Teachers’ Retirement System of Louisiana; Louisiana School Employees Retirement System; and State Police Pension and Retirement System.

Retirement system and association officials say they are concerned that the attention given to each system’s specific needs will be lost if grouped under one board.

“I would think that at this time, attention to detail and keeping your eye on what’s going on is extremely important,” LASERS Executive Director Cindy Rougeou told a group of retirees this week.

Senate Retirement Committee Chairman Butch Gautreaux, D-Morgan City, said he is not clear on what the bill is supposed to accomplish. Gautreaux said he has already committed not to entertain a consolidation bill this year.

No comments: