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December 22, 2004
$423 million shortfall in police retirement
A Louisiana police retirement system is now more than $423 million short of what it needs to pay the benefits of all its members.
The unfunded accrued liability for the Municipal Police Employees' Retirement System, or MPERS, swelled by $44 million this year from $379 million last year -- and more than doubled from $195 million two years ago. That's the difference between the money in the fund and the amount needed to pay the anticipated pensions of its members.
MPERS Actuary Charles Hall -- who calculates risks, premiums and other statistics for the retirement system -- said the increase was expected.
Posted by Tom Troceen