Denver (AP) State officials say the Public Employee Retirement System still has $13 billion dollars in unfunded liabilities as it recovers from a recession, rising costs and a wave of retirements. The Public Employees Retirement Association has 361,000 members.
Over the past five years as the economy slumped, the state
increased cost of living allowances for retirees, just as baby boomers began retiring. With 30 years of service, PERA retirees can expect to be paid %75 of their pay based on their highest three years of average salary.
PERA head Meredith Williams says the system's investment
performance has improved, but it will take 84 years for the fund to become solvent for state and school employees at the current levels.
Copyright 2005 by the Associated Press. All rights reserved.
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