St Tammany DA Update – 7/31/14

DA Walter Reed used public money to pad his own retirement, records show

Heather Nolan – NOLA.com | The Times-Picayune
Lee Zurik – WVUE Fox 8 News

St. Tammany Parish District Attorney Walter Reed used public money to pay for a supplemental retirement plan for himself and a few of his selected employees that netted Reed $37,586 in retirement contributions in 2011 alone, according to records provided to NOLA.com | The Times-Picayune and WVUE Fox 8 News.

Under the special plan, which lasted from 2006 to 2012, the district attorney’s office contributed 20 percent of Reed’s salary every year – or about $3,100 a month in 2011, the most recent full year of the program. That was in addition to 9 percent annually that the office contributed for the state retirement plan to which Reed and all other employees were eligible, the records show.

That means Reed authorized a plan that for nearly six years raised the public’s contributions to his retirement to almost a third of his salary. Only 10 of the almost 100 employees in the office, were selected for the supplemental retirement plan, the records show.

Through a spokesman, Reed said the additional retirement plan, called AXA retirement, ended in April 2012 due to budgetary concerns.

Spokesman Morgan Stewart said the plan was established “for the purpose of attracting and retaining quality and talented employees,” especially attorneys.

“Walter’s efforts were to retain necessary and key employees for the stable operation of this office,” Stewart said.

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One Response to “St Tammany DA Update – 7/31/14”

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