The Legislature and Gov. Bobby Jindal have pulled another fiscal trick out of their bag. Instead of facing the state’s responsibility and acknowledged debt, they are using the retiree’s own earnings from the TRSL investments above 7.75 percent to reduce the unfunded debt (UAL) of the state. The money in these accounts is not the state of Louisiana’s money. It belongs to the pension funds and should be reserved as was required prior to the irresponsible actions of the 2014 Legislature. This action is having the retirees paying for the UAL out of their own pocket.
Listen closely; it goes like this: “I owe you money. I will use your investment interest and earnings to pay off my debt to you.”
Sounds like tomfoolery or theft.
Harold S. Bartholomew