City says retirement fund low, could prompt pension cuts
SHREVEPORT, LA (KSLA) -
Shreveport city employees could see their pensions plummet due to a shortage in retirement funds.
Wednesday city leaders held a public meeting to discuss the possibility of changing the current retirement system. Nothing is set in stone, but right Shreveport's retirement fund is only about 50 percent funded.
The goal now is to get money back into it. To do that, the city's retirement board is suggesting recommendations that would lower the benefits offered to those who have bought into the current system.
"I thought the one thing that would be secure would be the pension," said Jesse Putman, who has worked for the city for four years.
"I would be retiring with about 70 percent of my salary. I don't know how I could live on that, especially in 30 years," she said.
The board says opinions from Wednesday's meeting will be taken into consideration and used to create the official recommendation handed over to the Shreveport City Council.