Shreveport's retirement plan has been worrying participants after an audit found problems in 2018.
Will the auditor show up and give the public more information? Columnist John Settle has an opinion.
A betting man would say the odds are not good.The actuarial and consulting firm Milliman missed the highly anticipated council meeting on July 19 due to a "misunderstanding." The firm missed Tuesday’s council meeting on another excuse.
Now the "expected" date to appear before the council is Aug.27.
Milliman is the firm that has audited, at least for the last 3 years, Shreveport’s retirement plan. The findings of the 2018 audit were not good.
Some of the "low lights" included:
The plan suffered an 11.3% decline in value from Dec. 31, 2017, through Dec. 31, 2018.
During the same period, the unfunded liability increased by 5.7%.
As of Dec. 31, 20189 the plan is only 41.82% funded compared to 47.49% funding at the end of 2017.
The administrative expenses for 2018 increased over 2017 by over $500 grand–-$1,5689,752.
Maybe the third scheduled appearance will be the charm. And perhaps the council should consider a new firm for the future due to the delay in briefing the council.
