Tuesday, October 25, 2011

Constitutional Amendment No. 2 Passes

Constitutional Amendment No. 2 passed on October 22 with over half of Louisiana voters speaking in favor of pension reform. This amendment will dedicate a portion of future state surplus funds to reduce retirement system debt. With 531,207 (unofficial) votes cast for the passage of this amendment, it is evident citizens support the payment of retirement debt on a mandated schedule.

The initial Unfunded Accrued Liability (UAL or debt) has existed in the Louisiana State Employees’ Retirement System since 1988. That debt has continued to accumulate over the decades, with the greatest portion coming from the failure of the state to make its required employer contribution and the resulting interest charges due to that failure.

The implementation of this measure is considered another step forward for pension reform. Thanks for making a positive difference.

For more information on election returns, visit the Louisiana Secretary of State’s website at http://www.sos.la.gov/tabid/153/Default.aspx.

No comments: