(The Center Square) — A recent audit of the Firefighters’ Retirement System showed funds used for pensions increased by $237.4 million.
The net position for pensions was $2.5 billion for the 2024 fiscal year. This is a significant increase from the $2.3 billion in 2023 and $2.1 billion in 2022. The increase totals $237.4 million for the 2024 fiscal year compared to a $193.3 million increase from 2022.
According to the financial highlights in the report, contributions were up 9.6% for 2024 with a $14 million increase primarily due to pay increases seen for active members. The department also saw an increase of 147 active members. 2023 saw a rise of 3.1% in comparison with an increase of 49 active members. Net investment gains saw a rise in 2024 of $237.1 million compared to $186.4 million in 2023 due to positive equity market performance.
Many Louisiana departments saw increases in both salary and benefits last year after the November election, including the East Baton Rouge Fire Department. EBR firefighters received a 20% raise paid for by a property tax increase.
Benefit and disability payments were up from the last fiscal year by 15.2%, or $20.3 million. The retirement system is funded by the investments of contributions from members and employers. The report showed the retirement system also received additional funding from insurance premium assessment collections from Louisiana.
In 2024, 65 cities in Louisiana had participating employers, 14 different parishes, and 70 special districts totaling 149 employers. There were 4,784 reported active plan members and DROP participants with 2,857 inactive members or beneficiaries receiving benefits.
To qualify to receive benefits, employees must have 20 years or more of service having reached 50 years old, 12 years of service at age 55, or 25 years of service at any age.
The Firefighter Retirement System is a governmental-defined pension plan that is cost-sharing and multi-employer. It provides retirement and benefits to Louisiana firefighters.
