Alaska's state pension fund stressed
Tom Moran of the Fairbanks News-Miner reports that the falling stock market, and rising health care costs, have left the Alaska Public Employees Retirement System a little short, here:Alaska's pension fund short Municipalities may have to fill gap
- "According to the most recent numbers, the fund in which the state holds its employees' pension money--as well as that of the scores of communities and groups that subscribe to its pension plan--is almost $2.5 billion short, chiefly as the result of skyrocketing health-care costs combined with the market woes of the last few years. The state's teacher retirement fund is also about $1.7 billion short of the money it needs to fund retirement benefits.
To deal with the deficits, the state plans to dramatically increase the amounts that communities and other entities will have to contribute to the plans, adding to the problems many already face due to the loss of state revenue sharing..."
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