A controversial change to the Louisiana state retirement plan backed by Gov. Bobby Jindal has been struck down by the Louisiana Supreme Court, which determined the legislation didn't gather enough votes when passed in 2012.
Proposing to change the state's traditional pension into a "cash balance" retirement plan — similar to a 401(k) — the 2012 bill was passed by a simple majority by both houses of the Louisiana state legislature. However, at that time some lawmakers contested the bill required a two-thirds vote, as the change would result in increased costs to the state.
To that point, the Retired State Employees Association of Louisiana brought the suit to the 19th District Court of Baton Rogue, which struck down the proposal in January 2013. Friday's State Supreme Court ruling upheld that verdict.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
