(AP) — The state’s public retirement system debt has grown to nearly $17 billion, increasing $4.8 billion during the past year amid the national recession, according to information provided to the House and Senate retirement committees.The committees, which met Tuesday, are considering possible changes to the pension programs to curb costs.At the end of June, the four public retirement systems — for state employees, teachers, school employees and state police — carried a combined debt of $16.8 billion, up from $12 billion a year earlier. That’s the gap between what money they have and what they need to cover the cost of benefits for everyone in the systems when they retire.Much of the debt, called the unfunded accrued liability, is decades old, from past decisions to skip state payments to the systems.—-Contact The Daily Reveille’s news staff at [email protected]
State retirement systems’ debt grows to nearly $17 billion
December 3, 2009