Louisiana public pension funds sought to withdraw $143 million from Fletcher Asset Management earlier this week, but were presented with IOUs in lieu of cash, leaving taxpayers to foot the bill.
Policy differences within Louisiana’s Republican Party complicated efforts to pay down the unfunded accrued liabilities (UALs) within the state’s retirement funds. Rep. Kevin Pearson’s (R-Slidell) was defeated in the Senate Retirement Committee on Sunday.
Taxpayers are covering 56 percent of the pension plan contributions for Louisiana State Troopers. Moreover, a portion of the fee residents pay for their driver’s license is also used to help fund the police retirement plan. At a time when rising liabilities threaten the stability of the entire state pension system, state troopers should not be excluded from policy changes, and NFIB official says.
Rep. Kevin Pearson (R-Slidell) has proposed an across-the-board increase in pension contributions from state workers that would include police officers, judges and university professors. He credits Gov. Bobby Jindal for calling attention to the challenge of rising liabilities, but favors changes that are not limited to the “rank-and-file” workers.