Few people work harder than teachers, who dedicate their lives to educating our children. Traditionally, teachers have been able to achieve a secure retirement with a defined benefit pension, but that isn’t the case for many charter school teachers in Louisiana.
While the 2017 Regular Legislative Session ended in gridlock on the state budget, action on policy changes for the state and statewide retirement systems came a to a desirable conclusion for the year.
Louisiana’s state pension systems are critical to working families and retirees across the state, and also serve as key economic drivers in every city, town and parish in Louisiana. Particularly in rural areas, public pension benefits are a substantial source of the personal income and economic activity.
In 2015, no state moved away from defined benefit pensions, meaning that workers across the country will be able to retire securely.
At the mid-point of 2016, states and cities expand access to pensions!
NPPC has created summaries of state fights to protect public pensions and retirement security in 2016. Click this link to see what various states accomplished this year.
A lot of retired teachers, troopers, school workers and state government employees will start seeing slightly bigger monthly pension checks starting July 1.
Gov. John Bel Edwards on Thursday signed into law a cost-of-living adjustment for nearly 125,000 pensioners who are over the age of 60 and have been retired at least a year. Most live in the Baton Rouge and New Orleans areas. It’s the first increase in two years.
Senate Bill 2, now called Act 93, distributes the cost-of-living adjustments, called COLAs, based on calculations that rely on the funding levels of the individual retirement systems.
Members of the Louisiana State Employees’ Retirement System are in line for a 1.5 percent increase on the first $60,000 of their benefits. Teachers Retirement System of Louisiana members will receive a 1.5 percent hike.
Louisiana School Employees’ Retirement System members get a 2 percent raise as do those with the Louisiana State Police Retirement System. A number of State Police retirees over the age of 65 also are eligible for another 2 percent increase.
Read more of this article by Mark Ballard at The Advocate.