On Thursday, January 24, 19th Judicial District Court Judge William Morvant ruled Act 483, known as the Cash Balance Plan (CBP), unconstitutional.
Attorneys representing the Retired State Employees Association (RSEA) filed the lawsuit on August 16, 2012 challenging the constitutionality of House Bill 61, which became Act 483 of the 2012 Louisiana Legislative Session. RSEA claimed the law required a two-thirds vote because an actuarial cost was associated with its enactment, based on Article X - Section 29(F) in the Louisiana Constitution. The House of Representatives passed the CBP with a simple majority, lacking the 70 votes of the elected members.
The legislation would have affected future non-hazardous duty state employees of LASERS, post-secondary education members of the Teachers' Retirement System, and would have been optional for certain Louisiana School Employees' Retirement System members. The plan would have taken effect for these new hires on July 1, 2013.
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