Another increase is in the works for the Louisiana Municipal Police Employees' Retirement System.
In 2010 the contribution rate for municipalities jumped from 11% to 25%, now it is going to 31% in the fiscal year beginning July 1st. Let that sink in – 11% to 31% in two years.
If you will remember, the last increase came when
was facing a budget crunch and contributed to cuts in Public Safety. Bossier City
Individual contributions also have increased.
I have blogged about the MPERS mess on a couple of occasions, particularly about investments locally in Olde Oaks and Stonebridge that have been big money losers. Another bad decision was to help finance Hal Sutton’s Hill Country development, and then the decision to subordinate a first mortgage on that property in order for him to acquire more from a bank. The system lost about $30,000,000 in that alone.
Add to that $1,000,000 plus that was embezzled by the system’s attorney, although that has been, or is being reimbursed.
“It was like a gigantic playhouse,” says Nick Congemi, 68, chief of the Greater New Orleans Expressway Police in
Metairie, who for years criticized the system’s leadership and investments. You can read that account here.
Doubtless this is one of the reasons that the council nixed a proposal to give a 2% raise to all city employees and to hire 8 new police officers.
Councilman David Jones was the only vote in favor of the raises and hiring new officers.