CSG Webinar: Pension Reforms in the South: Lessons from Louisiana, Oklahoma and West Virginia. December 11, 2012
The Council of State Governments’ Southern Office, the Southern Legislative Conference, convened a webinar on December 11 entitled “Pension Reforms in the South: Lessons from Louisiana, Oklahoma and West Virginia.” The webinar featured presentations from legislators in three SLC states that are leading the effort to enact reforms and bolster the fiscal position of their pension plans.
Even before the onset of the Great Recession, most state and local government pension plans were struggling to meet their pension and retiree health care obligations. The gaps between assets and liabilities in these public pension plans had widened as a result of plan sponsors failing to make adequate plan contributions, granting unfunded benefit increases and suffering serious investment losses during the economic downturn. In response, in the last three years, 45 states made significant changes to their retirement plans in an effort to bolster their funding levels.
Oklahoma Rep. Randy McDaniel, chair of the House Pension Oversight Committee and chair of the SLC’s Fiscal Affairs and Government Operations Committee; West Virginia Sen. Dan Foster, chair of the Senate Pensions and Retirement Committee; and Louisiana Sen. Elbert Guillory, chair of the Senate Retirement Committee outlined the reform efforts in their states. The panelists also responded to questions from webinar participants.
Pension Reforms in the South: Lessons from
Louisiana, Oklahoma and West Virginia