K-12 schools spent $850M on retirement costs last year

Schools that participate in one of two state retirement systems spent $852.8 million in fiscal year 2020 to pay down retirement debt, the Louisiana Legislative Auditor reports. The 1,355 participating schools paid an average of 10% of their revenue, or about $1,302 per student, toward unfunded accrued retirement liabilities, which means they didn’t have that