Committee members challenge state contributions to retirement plans

[TexasTowelie]

Over objections that statewide retirement benefits would be underfunded, a panel approved recommendations Thursday that would lower the amount government agencies, as employers, would have to contribute to their employees’ pension plans.

Usually Public Retirement Systems’ Actuarial Committee meetings are sleepy affairs. Thursday’s gathering in the State Capitol was anything but.

House Retirement Committee Chairman J. Kevin Pearson, R-Slidell, and Louisiana Legislative Auditor Daryl Purpera, both on the seven-member panel, voted “no” on the annual valuations for seven statewide retirement systems. They argued that the higher “rates of return” outlined in the reports may be good for this year’s budget, it’s not enough to fund the system.

Lawmakers are struggling with ways to balance a state budget that is expected to be about $1 billion short of revenues for the fiscal year that begins July 1. Their only choices are to reduce costs, raise revenues or combination of both.

Read more: http://www.theadvocate.com/baton_rouge/news/politics/legislature/article_afd5146c-1839-11e8-a61c-3fd01b164187.html