Retired state workers and public school teachers are trying to salvage a small increase in their pension checks. The Associated Press reports they are urging state lawmakers to hold a veto session to override Gov. Bobby Jindal’s rejection of the retirement hike.
But the idea is a long-shot. Lawmakers have never held a veto session under the current constitution, and it only takes a majority vote of either the House or Senate to scrap the session.
Jindal cited national credit rating agency concerns about retirement systems’ debt when he rejected the 1.5% cost-of-living adjustment bill. The measure would have given 135,000 retirees an average $30 monthly pension increase.
A decision on the veto session will come this week. Lawmakers have until midnight Thursday to return ballots if they want to cancel the session.
During the session, supporters said the increase would help cover escalating state health insurance costs for retirees. Opponents of the pension hike, which included House Retirement Committee Chairman Kevin Pearson, said it would increase state retirement systems’ debt and would undermine a recent law designed to improve the systems’ finances. The $351 million cost of the pension hike would have come from the retirement systems’ excess investment earnings.
