Fun times ahead for WA State public pensioners
From
The Seattle Times:
Changes loom for Washington state pension system could be short, fewer words
As public pension plans come under fire around the country for being overgenerous, underfunded, loosely managed budget-busters, Washington state�s massive system looks pretty good by comparison.
But that may not be good enough.
An analysis by The Seattle Times suggests that the system�s promised benefits are much bigger, and its real assets smaller, than official numbers indicate.
The analysis, using market-based data and methods, pegs the total gap between the present-day value of future benefits and assets on hand at more than $31 billion.
By that measure � one advocated by many outside experts and economists � the system�s nine major defined-benefit plans together have only about 64 cents in assets for every dollar of liabilities, rather than being 100 percent funded as the official figures indicate.
A thorough analysis -- does not look good for future retirees...
Posted by DaveH at March 5, 2013 3:35 PM