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Investigation into LSP troopers retirement plan

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Posted: Jul 16, 2014 6:18 PM by Ambria Washington
Updated: Jul 16, 2014 6:18 PM
Source: WBRZ

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Topics: investigates, retirement plan, state troopers, drop

BATON ROUGE- State leaders called for an investigation into some political maneuvering that could give two state troopers thousand of dollars more into their retirement plan.

A board meeting was held with the State Police retirement system to discuss Superintendent Mike Edmonson's plan that could give them an additional $30,000 a year along with his six-digit retirement salary.

An amendment allowed Edmonson to enter into the DROP plan, which is the Deferred Retirement Option Plan, that could give him the additional amount sum of money since he has worked for the state for more than 30 years.

John Kennedy, State Treasurer, called for the investigation because he said there could be preferential treatment going on, and it gives other retirees a disadvantage since the plan only applies to certain individuals.

"I don't believe in passing retirement bills that give special treatment to people who have the political treatment or know the right people to get special treatment," said Kennedy.

Kennedy said the change in plan could also have a major effect on the state financially creditability since we are one of the most poorly funded retirement systems in America.

"Our credit rating agency looks at our retirement system and say that we're 19 billion dollars under water," said Kennedy. "We think your debt is risky, therefore taxpayers have to pay a high interest rate and so we have no money to build roads."

Irwin Felps, Executive Director of the Louisiana State Police Retirement system, said the board did not sponsor the piece of legislation.

The board hopes to have the investigation complete and plans to meet in a few months to sort out facts. Six members of the legislative conference committee approved the amendment including Representative J.P. Morrell.

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