Thursday, June 18, 2009

House Approves Senate Bill Addressing Retirement Systems’ Debt – by Robyn Ekings

In a 93-3 vote, the House this afternoon (June 18th) gave quick approval to a bill that restructures and extends the period allowed for the state to pay down the debt of the Louisiana State Employees’ Retirement System (LASERS) and the Teachers’ Retirement System of Louisiana (TRSL).

The measure also creates new requirements for granting cost-of-living adjustments (COLAs). Prior to the session and before the stock market and state revenue projections dropped dramatically, leaders of the two retirement systems had hoped surplus state dollars could be used to pay down the debt.

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