This is slightly better than Oregon where we prefer to simply give money to money to buy voter loyalty. If we demanded it back then we could not afford to make huge boosts to the lump sum pay outs upon retirement.

BATON ROUGE -- A pair of bills that would refinance nearly $2 billion of debt in the taxpayer-financed pension plans for teachers and state employees sailed through a House committee Wednesday after changes were made to ensure that any future surpluses in the system are used to pay off debt.

Senate Bills 622 and 623 by Sen. Lambert Boissiere, D-New Orleans, which cover state employees and teachers, respectively, are designed to address debt that has accumulated in special accounts set up to finance cost-of-living increases to retirees.

There is just one problem with the repayment plan. It assumes a future surplus. There is scant chance of that unless we enter a hyperinflationary period where money just grows out of everyones ears. The new borrowings will always be overwhelmed by high costs of living, and the cost of borrowing will always exceed the inflation rate. The spiral into pension hell is slowly going to kill all goverment programs, everything, except the reward to powerful pigs who call themselves public servants.