Lawmakers reject pension check increase for state retirees
BATON ROUGE - An effort to give retired state employees and teachers a cost-of-living increase in their pension checks has stalled.
The House Retirement Committee deadlocked in a 6-6 vote Thursday on the proposal by Rep. Sam Jones, a Democrat from Franklin, effectively killing the 1.5 percent cost-of-living adjustment.
Jones described escalating expenses for retirees, particularly double-digit increases in the state health insurance program.
Gov. Bobby Jindal's administration opposed the pension hike.
Ben Huxen, with the Division of Administration, said the bill would violate a law enacted last year to strengthen retirement plan finances. He said it could weaken Louisiana's standing with credit rating agencies.
The $350 million cost would have come from the retirement systems' excess investment earnings, earmarked for cost-of-living increases.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Investigative Unit captures public equipment doing private jobs
Flood victims get pick of $3 million worth of clothes, toys and...
28-year-old arrested for three rapes in October, 2015 murder
Cara's shelter for displaced animals
Iberville Parish man charged in decades old cold case murders