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Reworked pension for future Louisiana state workers shelved

5 months 4 weeks 1 day ago Monday, April 23 2018 Apr 23, 2018 April 23, 2018 2:43 PM April 23, 2018 in News
Source: Associated Press
BATON ROUGE (AP) - Louisiana's state worker retirement system is shelving its effort to create a new pension plan for future rank-and-file employees, amid opposition from the governor.
  
Maris LeBlanc is the chief operating officer for the Louisiana State Employees' Retirement System. She said Monday that the system won't continue to push the legislation , which awaits debate on the Senate floor.
  
The proposal would create a hybrid pension with a 401(k)-style investment account feature and push back the retirement age for rank-and-file state workers hired starting in 2020.
  
Supporters say the change would lessen pension debt and give a more portable benefit to workers who often leave before they reach retirement.
  
Gov. John Bel Edwards opposes the measure, along with unions that say it would lessen employee benefits.

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