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Resource ID: #21746
Subject: Pensions
Source: Advocate (Baton Rouge, La.)
Date: 2004-12-17



Penny Roberts investigates the $1 billion retirement fund for the 9,300 full time police officers in 150 departments in Louisiana. The Louisiana Municipal Police Employees' Retirement System took a $200 million hit in the stock market, then spent $20 million on golf courses, then made a $6 million land deal with a non-existant company. Now the fund wants a bailout from taxpayer-funded local police departments, the Louisiana legislature, and the retirees it serves. In Baton Rouge alone, the department's pension costs have risen from $2.1 million to $5.2 million a year.

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