Our state's unfunded pension liability climbed 730% in the last ten years; it's at almost $5,000 for every man, woman, and child in the state.
How does this affect you? Rick explains that we will either see an increase in taxes or a decrease in services to help pay off this massive $63.2 billion in unfunded liabilities. While sending money to the pension fund isn't politically attractive, we can't keep kicking the pension bucket further down the road.
The Stacked Hybrid plan current being considered would create a new system where each public employee would participate in a traditional pension system up to $50,000 of their pay. After that amount, they would be rolled into a defined contribution plan. Plans like these are not often found in the private sector because they are hard to explain and would create administrative difficulties. Moreover, the Stacked Hybrid plan