Skip to comments.PERS rates for state agencies will more than double in 2011
Posted on 07/24/2010 7:19:46 AM PDT by george76
The actuary for Oregon's Public Employee Retirement System confirmed Friday what is already a common-knowledge piece of the state's looming budget shortfall: the cost of funding PERS will increase sharply in 2011.
As of Dec 31, the retirement system had 76 cents in assets for every $1 in liabilities, excluding prepaid contributions. The system's investments declined about 1 percent year through May 31, Mercer said. If they finish the year at this level, the system's overall funded status, excluding prepaid contributions, will decline to about 70 percent
(Excerpt) Read more at oregonlive.com ...
How will these higher rates be funded, higher taxes or reduced spending?
You’re kidding right? You have to ask?