BATON ROUGE, La. (AP) — Gov. Bobby Jindal proposed Wednesday a package of pension changes that would shrink retirement benefits for thousands of current state workers, boost their costs and push back the age for collecting benefits.
New state employees hired after the changes wouldn’t receive the promise of a set monthly retirement payment. They would get a cheaper, 401(k)-type of account where retirement contributions are invested and a retiree gets a lump sum payment when leaving work.