Vote Smart's Synopsis:

Vote to pass a bill that amends the requirements for cost of living adjustments to pensions for certain state employees, effective June 30, 2012.

Highlights:

• Establishes new accounts for public employees' pensions as follows (Sec. 1):
• For teachers and education employees, pensions are divided into “postsecondary education” and “K-through-12;" and
• For other public employees, pensions are divided into “hazardous duty” and “rank-and-file” subaccounts.

• Prohibits benefit increases to pension accounts for “postsecondary education” employees and “rank-and-file” public employees, if funding for the pension program is below 80 percent (Sec. 1). 

• Defines “hazardous duty” public employees as any of the following (Sec. 1):
• Public safety service employees;
• Peace officers employed by the Department of Public Safety and Corrections and Office of State Police, excluding state troopers;
• Employees of the Department of Revenue, Office of Alcohol and Tobacco Control;
• Wildlife agents;
• Bridge police; and
• Members of the Hazardous Duty Services Plan.

• Defines “postsecondary education” employees as any of the following (Sec. 1):
• Academic and administrative employees of a public institution of higher education;
• Employees of the Board of Regents, the Board of Supervisors for the University of Louisiana System, the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, or the Board of Supervisors of Southern University and Agricultural and Mechanical College, or the successor to one of these boards; or
• Employees of any other constitutionally established board which manages institutions of postsecondary education.

Full Bill Text