Monday, January 26, 2009
Retirement Costs Add to Budget Woes
You thought your 401K took a hit last year? Last Friday officials from the State retirement system advised the Senate Budget and Taxation Committee that assets of the state retirement system declined by $13 billion in 2008 (-29%). Since 2000 the state’s retirement plans have dropped from fully advance funded to currently 78% funded. Retirement costs for state employees and teachers increased by 20% in FY 2010 to $1.2 billion, and will likely increase by over $200 million next year. Pressure is building for the General Assembly to contain growth in pension and health benefit costs for state employees and retirees. Further information, contact me at .(JavaScript must be enabled to view this email address).
