Talk about a SCANDAL? The taxpayers will have to come up with SIX HUNDRED MILLION DOLLARS to prop up the system because it's investments are officially the HIGHEST RISK in AMERICA! Now it turns out that most of the high risk investments were funneled to a Texas company which it turns out wined, dined, and illegally funneled gifts and other enticements in order to loosen the pursestrings of the funds decision makers... Just another day in the life of Louisiana... It turns out that even IF we're to find the Six Hundred MILLION in investment losses we'll suffer this year, the teacher's who are on those pensions will not be able to get a "cost of living" adjustment increase for a MINIMUM of TEN FRICKING YEARS... But, we don't need an Ethics committee to enforce ethics laws... We don't need a Legislative Auditor... Gimme a break...
Got a link to those statistics? I'm in the State Employees Retirement System and I'm curious as to how it compares to Teachers Retirement. What we are hearing is the the systems investments tanked during the recession, but made money during the 90's boom and expects to climb out of the hole before the baby boomers start retiring in the next ten years. Wishful thinking? State retirees have never made social security or medicare payments and are not eligible for either programs benefits. If the state retirement systems go belly-up, the citizens will have to pay for it with taxes. The citizens need to make damned sure these auditors and trustee investors are doing their jobs.
