March 5, 2013

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
Comments
Post a comment









Remember personal info?