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Louisiana, New Mexico Courts Issue Public Pension Decisions
Reinhart Boerner Van Deuren s.c. Dec. 22, 2013 "A Louisiana appeals court held that state law requires the City of New Orleans to contribute pension funding amounts calculated by the pension system actuary. According to the court, the City was not at liberty to put in less than the actuary's calculation of normal cost plus an amortization payment of the unfunded liability. This represents a fiscal challenge for financially-strapped New Orleans ... The New Mexico legislature, in an attempt to improve the funded status of its pension plan and control funding costs, passed a bill which would reduce future cost of living adjustments. The Supreme Court of New Mexico rejected public retirees' challenge to those reductions:" |
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