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The City of New Orleans

Mayor Mitchell J. Landrieu

New Orleans Municipal Employees' Retirement System

The City of New Orleans Employees' Retirement System was established and placed under the management of the Board of Trustees and supported by a full-time staff for the purpose of providing retirement allowances and death benefits for all officers and employees of the city and the parochial and judicial officers and employees of parish. The retirement system is a defined benefit plan as defined by Section 401(a) of the Internal Revenue Code. The original effective date of the retirement system is July 1, 1947.

Current Fund Status

NOMERS Retirement Fund (Unaudited)

Total Fund Value (as of 6/30/17)

YTD Performance 1 Year Performance
$362,048,276*  7.4%  13.3%

*The fund also holds $8,652,763 in DROP funds. These funds are held by Louisiana Asset Management Pool (LAMP). The total value of the fund including DROP funds is $370,701,039.

Possible Plan Changes

As a follow up to our discussions related to possible changes to the City of New Orleans Employees' Retirement System, the Board of Trustees submitted the attache plan change ordinance to the City Council for review, discussion and possible adoption. The ordinance changes would provide the below adjustments to the retirement plan.

Effective 1/1/18 for NEW hires only

*Vesting would change from 5 years to 10 years

Effective 1/1/18 for NEW hires only

*Minimum retirement eligibility would changes to:

  • Age 62 and 20 Years of Service (currently Age 60 and 10 Years of Service)
  • Age 65 and 10 Years of Service (currently Age 65 and 5 Years of Service)
  • 30 Years of Service at any Age (No Change)
  • Rule of 80 (Age plus service equaling 80) would no longer be available.

The Board is open to further discussion of these changes, but after a number of analyses and discussions, the Board feels that these changes offer the adjustments needed for the future growth of the plan.

View Memo and Draft Ordinance

 
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Last updated: 9/5/2017 3:37:13 PM

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