Nearly half of the nation's elderly population is "economically vulnerable" and would be particularly hard-hit by even the modest program changes in Social Security and Medicare being considered to slow the growth of the nation's long-term debt, according to a new report. As The Washington Post reports, the liberal Economic Policy Institute says that 48% of the elderly population earns less than double the supplemental poverty threshold, putting those seniors at financial risk if their income is cut even slightly. Older blacks and Hispanics are especially vulnerable, the report says, as the vast majority of them live on the financial edge. President Barack Obama is among the policy-makers who have proposed reducing Social Security's annual cost-of-living adjustment by tying it to a slower-growing inflation measure. As the nation's population ages, Social Security, Medicaid and Medicare account for an ever-larger share of federal spending. The programs consume more than two out...
After naming Louisiana among the worst states to retire in last year, Bankrate.com has ranked the Bayou State as the second-best state in which to retire on its latest list. The Florida-based aggregator of financial rate information appears to be using some new criteria on its list this year, including climate. Louisiana's crime rate—called "among the highest in the nation," citing FBI statistics—was among the key factors that landed Louisiana on the worst list last year. On this year's list, however, Bankrate.com says: "Besides jazz and beignets, Louisiana offers retirees an excellent combination of low taxes (the Tax Foundation ranks it as the fourth-lowest in the nation) and balmy weather. Louisiana has a 30-year average temperature—that includes both winter lows and summer highs—of 66.7 degrees. That's higher than every other state except Hawaii and Florida. It also has better-than-average access to medical care and a relatively low cost of living." As for...
A federal judge's abrupt ruling Wednesday in the consolidated class-action lawsuits against Baton Rouge home health provider Amedisys left attorneys in the case initially uncertain about its intent. U.S. District Judge Brian Jackson issued an order noting only that the "matter is reopened." Several public pension funds and other investors from across the country who purchased the company's publicly traded securities over a five-year period beginning in 2005 are suing Amedisys and seven current or former board members, alleging securities fraud. The case centers in part on a U.S. Securities and Exchange Commission investigation into whether Amedisys improperly inflated Medicare reimbursements in part by pressuring nurses and therapists to provide unnecessary treatment visits to patients to trigger higher fees. The plaintiffs contend they suffered financial losses and damages because the company and its directors made "false and/or misleading statements," failed to disclose "material...
The Baton Rouge City/Parish Employee Retirement System has hit a snag in its efforts to recoup $340,392 from its former attorney, who is serving time in federal prison for embezzlement. A three-judge panel of the First Circuit Court of Appeal has ruled CPERS waited too long to file a legal malpractice claim against Randy Zinna and his insurance firm, Continental Casualty Company. At issue is a missing appeal bond CPERS posted with the 19th Judicial District Court for a case in which Zinna represented the retirement system. CPERS didn't discover until March of 2010 that the clerk of court had apparently refunded the money to Zinna nine years earlier. Continental Casualty Company argued CPERS had three years from the time the alleged theft actually occurred to file a malpractice claim. Zinna—who admitted to bilking more than $1.2 million from the Municipal Police Employees Retirement System, an 83-year-old widow and others—is serving time in a Texas federal prison until...
With a "low cost of living, median home price $168,000, good state tax climate, nearby college amenities and good Milken Institute aging factors," Forbes magazine says Baton Rouge is among America's "25 Best Places to Retire in 2013." In compiling the list, the magazine says, "we crunched data on more than 400 cities from every state, looking at factors ranging from living costs and taxes to crime to the availability of doctors and the opportunity to stay active with outdoor exercise and volunteer work." Mayor Kip Holden issued a statement on Baton Rouge's inclusion on the list, saying he isn't surprised. "When we host major events like the U.S. Bowling Championships, I frequently hear from visitors that they would enjoy moving to Baton Rouge," he says. "They fall in love with the people and the community and begin to picture themselves living here." Holden notes the Milken Institute's latest ranking of "Best Cities for Successful Aging" also ranked Baton Rouge at No. 14 in...
When the Louisiana Legislature convenes in April, it will be tackling an old, familiar topic: retirement. Of the 90 bills that have been pre-filed in the House and Senate, 40 of them deal with that very subject—many of them aimed at getting a handle on spiraling costs. Rep. Kevin Pearson, R-Slidell, who chairs the House Retirement Committee, is authoring a handful, including one that would require employees of the four state retirement systems to begin contributing an additional 1% in 2015 and another 1% in 2017 to help pay off a portion of the unfunded accrued liability. That same bill proposes that pension benefits for all teachers and state employees be determined based on the five highest years of compensation rather than three years as currently. Pearson notes some statewide pension plans have already made that move in an effort to keep rising employer contributions in check. He says it could help avoid further cuts to state jobs. "I know it's not going to be popular,"...
It appears more and more workers nearing retirement age are anticipating spending their golden years punching a clock, at least part-time. Among workers age 60 and older who participated in a new survey by CareerBuilder, 60% say they will look for a new job after retiring from their current company. That's up from 57% who said the same in a survey last year by CareerBuilder, the nation's largest online employment search website. When asked how soon they think they can retire from their current job, 12% say they don't think they'll ever be able to retire. The nationwide survey was conducted by Harris Interactive on behalf of CareerBuilder, and included roughly 680 workers aged 60 and older, as well as more than 2,600 hiring managers and human resources professionals. There is some good news, however, for mature workers who are putting off retirement. Employers say they're looking to hire more seasoned staff, with 48% of employers planning to hire workers aged 50-plus this year,...
The Louisiana High School Athletic Association soon may be punted from the Louisiana Teachers' Retirement System. For decades, the organization that regulates interscholastic athletics competition in every sport from baseball to wrestling at 389 public and private schools in the state was viewed as quasi-public, subject to open meetings laws, legislative audits, and any laws directed its way. In January, however, the Louisiana Supreme Court ruled the organization founded in 1920 by a group of principals has always been a private entity, not subject to legislative oversight. The LHSAA promptly issued a press release hailing the ruling, noting that it freed the organization from "the onerous burden of political meddling." But the relationship did have its benefits. Since 1991, the apparently private employees of LHSAA have been enrolled in the public teachers' pension system. The practice of adding new LHSAA employees ended in July 2011, but a bill proposed for the upcoming legislative...
For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, suggesting the end of an era of improved living standards for the nation's elderly, according to a growing consensus of new research. As The New York Times reports, the Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policy-makers. There was already mounting concern for the long-term security of the country's rapidly graying population. Then the downturn destroyed 40% of Americans' personal wealth while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement.
For the past two years, the Livingston Parish School Board—facing multimillion-dollar deficits—has declared financial exigency, forcing hiring freezes and unpaid workdays for teachers just to balance the budget. Partly to blame are retirement costs, which have swelled by $10 million in four years. The public school system this year will fork over $26 million for pension benefits—more than it will spend to both feed and bus its 24,000 students. This year, East Baton Rouge Parish will spend a whopping $91.2 million on retirement expenses for its employees. That's $41 million more than it spends on public works, $7 million more than it pays to fund the police department, and more than five times what it costs to operate CATS. And in St. Francisville, Mayor Billy D'Aquilla has started hiring part-time law enforcement officers for the police department. The reason: The city can no longer afford to pay the rising cost of retirement benefits for full-time employees. It's...
For the past two years, the Livingston Parish School Board—facing multi-million-dollar deficits—has declared financial exigency, forcing hiring freezes and unpaid workdays for teachers just to balance the budget. Partly to blame are retirement costs, which have swelled by $10 million in four years. The public school system this year will fork over $26 million for pension benefits—more than it will spend to both feed and bus its 24,000 students.
After 30 years in business, the Board of Trustees of St. James Place has decided the company needs new sources of revenue. So from now on, the nonprofit corporation that runs the continuing care retirement community will be known as Spiritas Senior Services. The St. James Place community will retain its name, but it will be only one division within Spiritas. This year and next, Spiritas will roll out new divisions that will offer services such as consulting, business development, facility management, and catering to customers outside the gates of St. James Place. The first new division is called Caring Companions, offering in-home assistance for seniors with transportation, meal preparation, medication reminders, light housekeeping and the like. Initially, the new divisions will leverage the experience and expertise of the current St. James staff, although the Rev. Ken Ritter, the company's CEO, expects that they will add new staff as needed. "We're evolving into something greater,"...
When St. James Place opened its doors in 1983 on Lee Drive in Baton Rouge, the sprawling 52-acre full-service retirement community was not only the first of its kind in the city, it was the only such facility in Louisiana. "Back in those days there was just no facility for independent senior living … and most of the nursing homes in those times were kind of like a ward," recalls Lee Griffin, who served as St. James Place's first board chairman and has been on the board several times since but is no longer a board member. "There are many nice nursing homes and assisted living facilities now, but back then they weren't very pleasant places to be. There just wasn't many options; even finding an in-home sitter for seniors was difficult." In the 30 years since St. James Place opened, dozens of senior living, assisted care facilities and nursing homes have opened throughout the Capital Region. The local growth of the industry mirrors that seen nationally. Changing...
The Louisiana Municipal Police Employees' Retirement System is on the hunt for a new investment consultant. Trustees for the $1.38 billion fund are conducting an invitation-only search, following personnel changes involving its current consultant, Segal Rogerscasey. The board has issued invitations to five investment consultant finalists that were interviewed during its last search in January 2011—including Segal Rogerscasey—as well as all firms currently doing business with any public retirement fund in Louisiana. Plans are to select finalists at the board meeting Jan. 16 and take a final vote on Feb. 20. MPERS continues to struggle with certain investments. A recent independent financial analysis of the fund by CPAs Duplantier, Hrapmann, Hogan & Maher shows its overall value declined by $39.4 million in the fiscal year that ended June 30. The largest percentage losses in the past year were in real estate investments—including Olde Oaks Golf Course, the market...
Younger Americans in their late 30s are now the group most likely to doubt they will be financially secure after retirement, a major shift from three years ago when baby boomers nearing retirement age expressed the greatest worry among all age groups. The survey findings by the Pew Research Center, released today, reflect the impact of a weak economic recovery beginning in 2009 that has shown stock market gains while housing values remain decimated vis-à-vis 2006 highs. As a whole, retirement worries rose across all age groups—roughly 38% of U.S. adults say they are "not too" or "not at all" confident that they will have financial nest eggs of sufficient size, according to the independent research group. That's up from 25% in 2009. But the concerns are increasing the greatest among Americans approaching and in middle age whose equity in their homes represents most of their net worth. About 49% of those ages 35-44 say they had little or no confidence that they will have enough...
A relatively high crime rate, low average life expectancy and high percentage of retirees living below the poverty threshold have caused Louisiana to land on a list of the 10 worst states in which a person could choose to spend their golden years. Bankrate.com, a Web-based aggregator of financial rate information, has compiled the list, which you can check out in its entirety here. The rate of property and violent crimes per 100,000 people in Louisiana is 4,197, according to the list, while average life expectancy is 75.4 years and 11.5% of retirees live below the poverty line. Judging by those numbers alone, perhaps Louisiana does look like a dangerous and harsh place to spend your retirement. But everyone knows numbers don't tell the whole story, and Lt. Gov. Jay Dardenne has begun a push to tell retirees the rest of the story. Last week, while in Texas,...
An organization representing Louisiana's retired state employees today filed a legal challenge against Gov. Bobby Jindal's new pension plan for future rank-and-file state workers. The Retired State Employees Association of Louisiana claims the law, pushed by Jindal and passed earlier this year, is unconstitutional because it didn't get a two-thirds vote in the state House of Representatives. The lawsuit was filed in Baton Rouge district court, according to Frank Jobert, executive director of the organization. "If legislators think they can pass laws in violation of the constitution or state statutes, we don't know where that line will be drawn," Jobert says in a statement. "It's not just a retirement issue." The bill creates an investment account similar to a 401(k) plan for state employees hired after July 1, 2013, instead of a monthly retirement payment based on salary and years of employment. Louisiana is set to become the first state in the nation to provide only the "cash...
Dan Juneau, president of the Louisiana Association of Business and Industry since 1989, has announced to LABI's board of directors he will retire at the end of 2013. The nearly 18-month lead time will enable the powerful business organization to conduct a national search for his replacement and get the new president up to speed for the 2014 election cycle, says Bridgette Nieland, LABI vice president of communications. Prior to Juneau's retirement, however, several other high-profile personnel changes are scheduled to take place. Ginger Sawyer, vice president of political action, will retire at the end of this year, though she will stay on as LABI's energy council director. Sawyer will be replaced in January by Brian Landry, who currently serves as director of LABI's small business council. Nieland, meanwhile, will become vice president for workforce development and research. She will be replaced as vice president of communications by Kristi Barnett Williams, who until recently...
Report: Nearly 50% of U.S. seniors 'economically vulnerable'
Nearly half of the nation's elderly population is "economically vulnerable" and would be particularly hard-hit by even the modest program changes in Social Security and Medicare being considered to slow the growth of the nation's long-term debt, according to a new report. As The Washington Post reports, the liberal Economic Policy Institute says that 48% of the elderly population earns less than double the supplemental poverty threshold, putting those seniors at financial risk if their income is cut even slightly. Older blacks and Hispanics are especially vulnerable, the report says, as the vast majority of them live on the financial edge. President Barack Obama is among the policy-makers who have proposed reducing Social Security's annual cost-of-living adjustment by tying it to a slower-growing inflation measure. As the nation's population ages, Social Security, Medicaid and Medicare account for an ever-larger share of federal spending. The programs consume more than two out...
La. ranked No. 2 among 'best states for retirement'
After naming Louisiana among the worst states to retire in last year, Bankrate.com has ranked the Bayou State as the second-best state in which to retire on its latest list. The Florida-based aggregator of financial rate information appears to be using some new criteria on its list this year, including climate. Louisiana's crime rate—called "among the highest in the nation," citing FBI statistics—was among the key factors that landed Louisiana on the worst list last year. On this year's list, however, Bankrate.com says: "Besides jazz and beignets, Louisiana offers retirees an excellent combination of low taxes (the Tax Foundation ranks it as the fourth-lowest in the nation) and balmy weather. Louisiana has a 30-year average temperature—that includes both winter lows and summer highs—of 66.7 degrees. That's higher than every other state except Hawaii and Florida. It also has better-than-average access to medical care and a relatively low cost of living." As for...
Reopening of Amedisys fraud case disputed by company attorney
A federal judge's abrupt ruling Wednesday in the consolidated class-action lawsuits against Baton Rouge home health provider Amedisys left attorneys in the case initially uncertain about its intent. U.S. District Judge Brian Jackson issued an order noting only that the "matter is reopened." Several public pension funds and other investors from across the country who purchased the company's publicly traded securities over a five-year period beginning in 2005 are suing Amedisys and seven current or former board members, alleging securities fraud. The case centers in part on a U.S. Securities and Exchange Commission investigation into whether Amedisys improperly inflated Medicare reimbursements in part by pressuring nurses and therapists to provide unnecessary treatment visits to patients to trigger higher fees. The plaintiffs contend they suffered financial losses and damages because the company and its directors made "false and/or misleading statements," failed to disclose "material...
CPERS stumbles in effort to recoup $340K from former attorney
The Baton Rouge City/Parish Employee Retirement System has hit a snag in its efforts to recoup $340,392 from its former attorney, who is serving time in federal prison for embezzlement. A three-judge panel of the First Circuit Court of Appeal has ruled CPERS waited too long to file a legal malpractice claim against Randy Zinna and his insurance firm, Continental Casualty Company. At issue is a missing appeal bond CPERS posted with the 19th Judicial District Court for a case in which Zinna represented the retirement system. CPERS didn't discover until March of 2010 that the clerk of court had apparently refunded the money to Zinna nine years earlier. Continental Casualty Company argued CPERS had three years from the time the alleged theft actually occurred to file a malpractice claim. Zinna—who admitted to bilking more than $1.2 million from the Municipal Police Employees Retirement System, an 83-year-old widow and others—is serving time in a Texas federal prison until...
Pension limbo
In Louisiana, government workers aren't the only ones collecting a government pension.
'Forbes' calls B.R. one of 25 best places to retire
With a "low cost of living, median home price $168,000, good state tax climate, nearby college amenities and good Milken Institute aging factors," Forbes magazine says Baton Rouge is among America's "25 Best Places to Retire in 2013." In compiling the list, the magazine says, "we crunched data on more than 400 cities from every state, looking at factors ranging from living costs and taxes to crime to the availability of doctors and the opportunity to stay active with outdoor exercise and volunteer work." Mayor Kip Holden issued a statement on Baton Rouge's inclusion on the list, saying he isn't surprised. "When we host major events like the U.S. Bowling Championships, I frequently hear from visitors that they would enjoy moving to Baton Rouge," he says. "They fall in love with the people and the community and begin to picture themselves living here." Holden notes the Milken Institute's latest ranking of "Best Cities for Successful Aging" also ranked Baton Rouge at No. 14 in...
La. Legislature to take up slew of bills concerning retirement costs
When the Louisiana Legislature convenes in April, it will be tackling an old, familiar topic: retirement. Of the 90 bills that have been pre-filed in the House and Senate, 40 of them deal with that very subject—many of them aimed at getting a handle on spiraling costs. Rep. Kevin Pearson, R-Slidell, who chairs the House Retirement Committee, is authoring a handful, including one that would require employees of the four state retirement systems to begin contributing an additional 1% in 2015 and another 1% in 2017 to help pay off a portion of the unfunded accrued liability. That same bill proposes that pension benefits for all teachers and state employees be determined based on the five highest years of compensation rather than three years as currently. Pearson notes some statewide pension plans have already made that move in an effort to keep rising employer contributions in check. He says it could help avoid further cuts to state jobs. "I know it's not going to be popular,"...
Survey: Majority of U.S. workers plan to work after retirement
It appears more and more workers nearing retirement age are anticipating spending their golden years punching a clock, at least part-time. Among workers age 60 and older who participated in a new survey by CareerBuilder, 60% say they will look for a new job after retiring from their current company. That's up from 57% who said the same in a survey last year by CareerBuilder, the nation's largest online employment search website. When asked how soon they think they can retire from their current job, 12% say they don't think they'll ever be able to retire. The nationwide survey was conducted by Harris Interactive on behalf of CareerBuilder, and included roughly 680 workers aged 60 and older, as well as more than 2,600 hiring managers and human resources professionals. There is some good news, however, for mature workers who are putting off retirement. Employers say they're looking to hire more seasoned staff, with 48% of employers planning to hire workers aged 50-plus this year,...
LHSAA employees may lose pension benefits
The Louisiana High School Athletic Association soon may be punted from the Louisiana Teachers' Retirement System. For decades, the organization that regulates interscholastic athletics competition in every sport from baseball to wrestling at 389 public and private schools in the state was viewed as quasi-public, subject to open meetings laws, legislative audits, and any laws directed its way. In January, however, the Louisiana Supreme Court ruled the organization founded in 1920 by a group of principals has always been a private entity, not subject to legislative oversight. The LHSAA promptly issued a press release hailing the ruling, noting that it freed the organization from "the onerous burden of political meddling." But the relationship did have its benefits. Since 1991, the apparently private employees of LHSAA have been enrolled in the public teachers' pension system. The practice of adding new LHSAA employees ended in July 2011, but a bill proposed for the upcoming legislative...
Fiscal troubles ahead for most future retirees
For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, suggesting the end of an era of improved living standards for the nation's elderly, according to a growing consensus of new research. As The New York Times reports, the Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policy-makers. There was already mounting concern for the long-term security of the country's rapidly graying population. Then the downturn destroyed 40% of Americans' personal wealth while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement.
'Business Report': Generous public pensions in La. are unsustainable
For the past two years, the Livingston Parish School Board—facing multimillion-dollar deficits—has declared financial exigency, forcing hiring freezes and unpaid workdays for teachers just to balance the budget. Partly to blame are retirement costs, which have swelled by $10 million in four years. The public school system this year will fork over $26 million for pension benefits—more than it will spend to both feed and bus its 24,000 students. This year, East Baton Rouge Parish will spend a whopping $91.2 million on retirement expenses for its employees. That's $41 million more than it spends on public works, $7 million more than it pays to fund the police department, and more than five times what it costs to operate CATS. And in St. Francisville, Mayor Billy D'Aquilla has started hiring part-time law enforcement officers for the police department. The reason: The city can no longer afford to pay the rising cost of retirement benefits for full-time employees. It's...
New model for seniors
St. James Place opened on Lee Drive 30 years ago. At the time, it was unique in the state.
No escape
For the past two years, the Livingston Parish School Board—facing multi-million-dollar deficits—has declared financial exigency, forcing hiring freezes and unpaid workdays for teachers just to balance the budget. Partly to blame are retirement costs, which have swelled by $10 million in four years. The public school system this year will fork over $26 million for pension benefits—more than it will spend to both feed and bus its 24,000 students.
St. James Place creates new brand, expands business
After 30 years in business, the Board of Trustees of St. James Place has decided the company needs new sources of revenue. So from now on, the nonprofit corporation that runs the continuing care retirement community will be known as Spiritas Senior Services. The St. James Place community will retain its name, but it will be only one division within Spiritas. This year and next, Spiritas will roll out new divisions that will offer services such as consulting, business development, facility management, and catering to customers outside the gates of St. James Place. The first new division is called Caring Companions, offering in-home assistance for seniors with transportation, meal preparation, medication reminders, light housekeeping and the like. Initially, the new divisions will leverage the experience and expertise of the current St. James staff, although the Rev. Ken Ritter, the company's CEO, expects that they will add new staff as needed. "We're evolving into something greater,"...
Aging baby boomers, longer life spans generate growth in B.R. senior living facilities
When St. James Place opened its doors in 1983 on Lee Drive in Baton Rouge, the sprawling 52-acre full-service retirement community was not only the first of its kind in the city, it was the only such facility in Louisiana. "Back in those days there was just no facility for independent senior living … and most of the nursing homes in those times were kind of like a ward," recalls Lee Griffin, who served as St. James Place's first board chairman and has been on the board several times since but is no longer a board member. "There are many nice nursing homes and assisted living facilities now, but back then they weren't very pleasant places to be. There just wasn't many options; even finding an in-home sitter for seniors was difficult." In the 30 years since St. James Place opened, dozens of senior living, assisted care facilities and nursing homes have opened throughout the Capital Region. The local growth of the industry mirrors that seen nationally. Changing...
Police pension fund on the hunt for a new investment adviser
The Louisiana Municipal Police Employees' Retirement System is on the hunt for a new investment consultant. Trustees for the $1.38 billion fund are conducting an invitation-only search, following personnel changes involving its current consultant, Segal Rogerscasey. The board has issued invitations to five investment consultant finalists that were interviewed during its last search in January 2011—including Segal Rogerscasey—as well as all firms currently doing business with any public retirement fund in Louisiana. Plans are to select finalists at the board meeting Jan. 16 and take a final vote on Feb. 20. MPERS continues to struggle with certain investments. A recent independent financial analysis of the fund by CPAs Duplantier, Hrapmann, Hogan & Maher shows its overall value declined by $39.4 million in the fiscal year that ended June 30. The largest percentage losses in the past year were in real estate investments—including Olde Oaks Golf Course, the market...
Survey: Americans 35-44 most likely to doubt retirement security
Younger Americans in their late 30s are now the group most likely to doubt they will be financially secure after retirement, a major shift from three years ago when baby boomers nearing retirement age expressed the greatest worry among all age groups. The survey findings by the Pew Research Center, released today, reflect the impact of a weak economic recovery beginning in 2009 that has shown stock market gains while housing values remain decimated vis-à-vis 2006 highs. As a whole, retirement worries rose across all age groups—roughly 38% of U.S. adults say they are "not too" or "not at all" confident that they will have financial nest eggs of sufficient size, according to the independent research group. That's up from 25% in 2009. But the concerns are increasing the greatest among Americans approaching and in middle age whose equity in their homes represents most of their net worth. About 49% of those ages 35-44 say they had little or no confidence that they will have enough...
Louisiana named among 10 worst states for retirees
A relatively high crime rate, low average life expectancy and high percentage of retirees living below the poverty threshold have caused Louisiana to land on a list of the 10 worst states in which a person could choose to spend their golden years. Bankrate.com, a Web-based aggregator of financial rate information, has compiled the list, which you can check out in its entirety here. The rate of property and violent crimes per 100,000 people in Louisiana is 4,197, according to the list, while average life expectancy is 75.4 years and 11.5% of retirees live below the poverty line. Judging by those numbers alone, perhaps Louisiana does look like a dangerous and harsh place to spend your retirement. But everyone knows numbers don't tell the whole story, and Lt. Gov. Jay Dardenne has begun a push to tell retirees the rest of the story. Last week, while in Texas,...
Lawsuit filed against new state retirement plan
An organization representing Louisiana's retired state employees today filed a legal challenge against Gov. Bobby Jindal's new pension plan for future rank-and-file state workers. The Retired State Employees Association of Louisiana claims the law, pushed by Jindal and passed earlier this year, is unconstitutional because it didn't get a two-thirds vote in the state House of Representatives. The lawsuit was filed in Baton Rouge district court, according to Frank Jobert, executive director of the organization. "If legislators think they can pass laws in violation of the constitution or state statutes, we don't know where that line will be drawn," Jobert says in a statement. "It's not just a retirement issue." The bill creates an investment account similar to a 401(k) plan for state employees hired after July 1, 2013, instead of a monthly retirement payment based on salary and years of employment. Louisiana is set to become the first state in the nation to provide only the "cash...
LABI president announces retirement, plans for finding replacement
Dan Juneau, president of the Louisiana Association of Business and Industry since 1989, has announced to LABI's board of directors he will retire at the end of 2013. The nearly 18-month lead time will enable the powerful business organization to conduct a national search for his replacement and get the new president up to speed for the 2014 election cycle, says Bridgette Nieland, LABI vice president of communications. Prior to Juneau's retirement, however, several other high-profile personnel changes are scheduled to take place. Ginger Sawyer, vice president of political action, will retire at the end of this year, though she will stay on as LABI's energy council director. Sawyer will be replaced in January by Brian Landry, who currently serves as director of LABI's small business council. Nieland, meanwhile, will become vice president for workforce development and research. She will be replaced as vice president of communications by Kristi Barnett Williams, who until recently...