The state also has to pay an annual amortized contribution to help pay off the 10 percent unfunded liability
that is left over under the plan, further increasing the state's total pension contribution.
A more realistic assumption is an important first step toward unmasking the severity of the problem these rising PERS costs create for our state, schools and local governments - and ultimately for Oregon taxpayers left holding the bill for the pension system's growing unfunded liability
," spokesman Pat McCormick said in a prepared statement.
We test whether the size of the unfunded liability
within a county's local government pensions is associated with the state of the local economy, differences in the fiscal environment, or the influence of interest groups.
DelSignore said the retirement system has in place a funding schedule to address the unfunded liability
The cities' responses to the looming disaster range from turning to residents for more money, denying that the problem is as bad as the report indicates or hoping that their investments improve to wipe away the unfunded liability
But when economist Andrew Biggs of the American Enterprise Institute calculated the figure with the methods used by private-sector pensions, he found that total liabilities amount to over $5 trillion, with the unfunded liability
at $3 trillion.
Ohio, which has an unfunded liability
of $18 billion, has increased the contribution that employees and retirees must make toward health insurance premiums if they have worked less than 30 years.
One of the key aspects of this agreement is that health employers will pay a lump sum toward the unfunded liability
in the Health Sciences Association Long Term Disability Plan.
By one measure, Medicare's unfunded liability
amounts to $21.
For example, the Los Angeles Unified School District's unfunded liability
recently has been estimated at $10 billion.
The current unfunded liability
for Social Security over the 75-year horizon the Social Security Administration uses to calculate benefits and expenditures is four trillion dollars.
Nyden, is responsible for half of the unfunded liability
of the Workman's fund, which now runs more than $3 billion.