New Orleans pension system to raise millions more
New Orleans has a big plan for its pension system and it’s one that’s far from being ready yet.
We’re not done talking about the pension system yet, though.
Aldermen are going to decide soon if the city’s proposed $3.9 billion pension system is really ready to go into effect.
The pension system will have to receive approval from the state, the city, and the federal government, and it will have a year to come into effect before the end of 2019.
The City of New Orleans, however, wants to make it official sooner than that, saying it’s going to put a proposal on the November ballot for voters to decide by May.
New Orleans Mayor Mitch Landrieu wants the system up and running by the end to save the city billions of dollars in future costs and get the city back on track to meet its pension obligations.
“We believe that the future of the city is in New Orleans.
It’s in our best interest to make sure that New Orleans is a city that is safe and sustainable and in a state that’s financially sound,” Landrieux said on the latest episode of the Keeping Up with the New Orleans podcast.”
And this is a very important time for New Orleans to make that investment.”
Landrieu has been working hard to get the New York City system ready for years.
In 2015, the City Council approved a proposal to pay out more than $700 million in pension benefits to employees of the New City Schools, the largest municipal pension system in the country.
The pension plan is designed to keep city workers on the job longer, which means it’s been able to pay off a lot of debt and other liabilities in recent years.
The New Orleans Teachers Union, which represents teachers, said in 2015 it owed more than half a billion dollars in city funds.
The city’s financial situation has been the focus of the mayor’s agenda since 2014.
In May, he made the largest-ever pension overhaul in the history of New York.
“I’m proud of the changes we’re making.
We have done so without taking the easy way out,” Landreau told the media in January.
“I’m very proud of what we’ve done.”
New Orleans has made some changes to its pension plans, but those aren’t going to make a big difference.
New Orleans had to cut the amount of money it was able to save from retiree health benefits and reduce benefits for people who are eligible for federal disability checks.
Landrieux has said he’s not worried about a pension crisis in New York, where he took office in 2017.
“This is a crisis.
We’re going to solve it, and we’re going see what happens,” Landriques chief of staff John Rolfe told reporters.
The Mayor’s Office of Emergency Management says that if the new plan passes, it will mean more people who get disability checks will be able to take them.