The contentious plan to revamp the state’s floundering retirement systems was overturned in State Supreme Court on Friday.
The high court knocked down the law not because of content, but because of how it passed. State law requires a supermajority for this kind of bill to progress. The legislature sent this one to the governor’s desk with only the majority’s approval.
Sen. Elbert Guillory chairs the Senate Retirement Committee and carried the cash balance plan through the Senate in last year’s session.
Guillory says the bill would have gotten more votes if he and Rep. Kevin Pearson, who sponsored the bill on the House side, had done a better job educating lawmakers.
"Many legislators don’t know yet, they have not been exposed to how dire this situation is," Guillory said. "I certainly didn’t know until I was placed on the Retirement Committee. I’m horrified now, I’m afraid for the future of Louisiana."
Guillory said he and Pearson will try another version of the cash balance plan when the legislature convenes again next March.