A controversial change to the Louisiana state retirement plan backed by Gov. Bobby Jindal has been struck down by the Louisiana Supreme Court, which determined the legislation didn't gather enough votes when passed in 2012.
Proposing to change the state's traditional pension into a "cash balance" retirement plan — similar to a 401(k) — the 2012 bill was passed by a simple majority by both houses of the Louisiana state legislature. However, at that time some lawmakers contested the bill required a two-thirds vote, as the change would result in increased costs to the state.
To that point, the Retired State Employees Association of Louisiana brought the suit to the 19th District Court of Baton Rogue, which struck down the proposal in January 2013. Friday's State Supreme Court ruling upheld that verdict.
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