The board that governs the Louisiana State Employees Retirement System is now on record in opposition to most of Gov. Bobby Jindal's proposed pension system overhaul.
Board members voted Friday to oppose the plan, saying the revamp would violate constitutional guarantees and existing employment contracts. The changes would shrink retirement benefits for thousands of current state workers, boost their costs and push back the age for collecting benefits.
Jindal's deputy chief of staff Kristy Nichols said the plan is constitutional and legal. And she said the changes are needed to reduce the retirement system's unfunded liability. That unfunded liability for the Louisiana State Employees Retirement System and other state worker retirement systems is more than $18 billion.