Here’s just one nugget to show you just how BIG this problem is going to be in future years. According to an internal study done by the Joint State Government Commission in February 2004, the taxpayers’ liability will jump from $855M in 2005-06 to $5.3B in 2012-13. And that’s IF the investments of PSERS/SERS realizes an 8.5% annual return.
How are these public pension boards doing? Just check out this article in yesterday’s Patriot-News.