The underfunded retirement system that provides pensions for police officers of the Port of New Orleans could run out of money in 2020, the Louisiana legislative auditor’s office said in a report issued Monday. It said the Harbor Police Retirement System was only 56% funded as of fiscal 2010, with benefit liabilities of $21.3 million and assets of $11.8 million.

The report said the system is “not effectively and efficiently administered.”

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