Evaluating the potential impacts of Louisiana Senate Bill 438

The need for Louisiana lawmakers to modernize retirement benefits for an increasingly mobile public workforce is clear, as only 2.5% of new hires who join the Louisiana State Employees’ Retirement System (LASERS) at the age of 35 will receive an unreduced retirement benefit. Unfortunately, while Senate Bill 468 attempts to modernize the plan, it does so at the expense of higher costs and greater risks of growing unfunded liabilities in the future.