Covering Louisiana

Mar 23, 2014 7:15 PM by AP

High court to Orleans: pay $17M for NOFD pensions

NEW ORLEANS (AP) - The Louisiana Supreme Court says the city of New Orleans must pay $17.5 million for its 2012 share of the fire department's retirement fund.

The high court's 4-2 ruling Friday upheld decisions last year by Civil District Judge Robin Giarrusso and a state appeal court.

City officials blame the New Orleans Firefighters Pension and Relief Fund problems on reckless investments by the Firefighters Pension Board.

Mayor Mitch Landrieu's office says that, together with costs for fixing up the city jail, Friday's ruling could lead to service cuts and employee furloughs.

Reasons for Friday's ruling were not available.

Pension fund investments have included $15 million put into a hedge fund that went bankrupt.

The firefighters argue that the Landrieu administration has shortchanged the fund since 2010.

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