BATON ROUGE, La. (AP) — Louisiana Gov. Bobby Jindal has signed into law a retirement change that will create a new pension plan for rank-and-file state employees hired starting in 2013.

The measure was the only significant retirement proposal sought by the Republican governor to win passage from lawmakers in the just-ended legislative session.

Employees hired after July 1, 2013, will receive an investment account similar to a 401(k) plan, instead of a monthly retirement payment based on their salaries and years of employment. The new pension plan is called a "cash balance" plan.

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.