A package of bills aimed at helping New Orleans rein in its fast-rising pension costs for firefighters has passed the Legislature and awaits the governor's signature, but lawmakers and experts agreed this week that the proposed changes are still a long way from dramatically reducing the city's unfunded pension liabilities.
Mayor Mitch Landrieu included revamping the New Orleans Firefighters' Pension and Relief Fund among his top priorities in the soon-to-close legislative session. Some of the changes he wanted were approved, such as increasing the amount that the city's firefighters contribute toward their pension plan, and changing the formula used to calculate retirees' monthly benefit so as to save money.
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