Representative Kevin Pearson, chairman of the House Retirement Committee, has prepared a bill that he hopes will improve the cash balance plan – despite that the plan is the subject of ongoing litigation. The plan was overturned in court because it didn’t get a two-thirds vote in the legislature.
If the State Supreme Court does uphold the decision, the bill could be used as a safety-net, and the cash balance plan could be brought before the legislature a second time.
The state employee retirement reforms Gov. Bobby Jindal pushed last session were overturned in court last week. Monday, a state committee heard testimony about changes to the firefighters' retirement system that could be considered by the legislature this spring.