PA public pensions’ future may mean even higher taxpayer costs
Major private-sector pensions, investment experts suggest lowering rates
By Eric Boehm | PA Independent | March 30, 2012 |
HARRISBURG — Pennsylvania’s two public pension systems have a combined unfunded liability of about $37 billion, but because of the way the liability is calculated, the actual amount to be paid in coming years is likely higher.
If the funds used assumed rates of return in line with the private sector and as suggested by investment consultants, the actual liability exceeds $50 billion.The state’s two pension systems — the Public School Employee Retirement Commission, or PSERS, and the State Employees Retirement System, or SERS — are funded by state taxpayers, employees in the system and investment returns. See the full story here: