Mar 29, 2013 9:20 AM by AP

Thibodaux retirement costs raise concerns

THIBODAUX, La. (AP) - Changes could be coming for the city of Thibodaux's retirement system, the cost of which has ballooned in recent years.

The Courier reports the Thibodaux City Council signed onto a letter with other municipalities asking the retirement system's state overseers to investigate cost-saving measures for the programs that account for more than $1.6 million of the city's budget.

Mayor Tommy Eschete says the city participates in two programs to provide retirement for employees - one for police and one for other employees.

Eschete said the percentage the city must contribute has increased dramatically in recent years.

The mayor says he will seek no action that would change the system for current employees. He said he might have to consider doing something different for new hires.


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