BATON ROUGE, La. (AP) — Louisiana Gov. Bobby Jindal's proposal to create a new retirement plan for future rank-and-file state workers advanced Monday to the full Senate for debate, after getting the support of the Senate Retirement Committee.

The proposal would create a cheaper investment account similar to a 401(k) plan for state employees hired after July 1, 2013, instead of a monthly retirement payment based on their salaries and years of employment.

Supporters said the new system would help shrink the growth in the costs of pensionprograms that are more than $18 billion short of the funding they'll need to pay for all the benefits promised.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.