Our liabilities are too high.
Louisiana’s existing unfunded liability payments for the state’s retirement system are unsustainable. While the normal cost for the Louisiana State Employees Retirement System (LASERS) this year will be $214 million, the unfunded accrued liabilities (UAL) payment will top $630 million. Solid reforms can reduce the risk for future liabilities while creating a more sustainable path for the state employee retirement system. A new hybrid system proposed by LASERS would provide for sustainability of the system which helps state employees while also saving taxpayer dollars. This plan saves money long-term because it makes payments up front to properly fund the system. By 2031, the new plan results in $100 million lower retirement debt than the current plan.