BATON ROUGE, La. (AP) - The Jindal administration hopes to fix flaws in the new "cash balance" pension plan, while two major retirement systems are trying to get a year's delay in its planned July 1 implementation.
Although Gov. Bobby Jindal opposes any delay, the Louisiana State Employees Retirement System, and the Teachers Retirement System of Louisiana have served legal notice that they will ask the Legislature to approve a resolution suspending the law.
The Advocate reports (http://bit.ly/X23MrQ ) Jindal cannot veto such resolutions.
A state district court judge last month ruled that the 401(k)-type plan, known as cash balance, did not receive the required votes for passage. Administration lawyers have filed for a suspensive appeal in 19th Judicial District Court, while the issue goes to the Louisiana Supreme Court where it will be decided.
Information from: The Advocate, http://theadvocate.com
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