Retiree Health Benefits, Underfunded in 40 States
Congressional Actions and Reports
The Pew Center on the States has rolled out a report entitled, The Trillion Dollar Gap: Underfunded State Retirement Systems and the Roads to Reform. The report highlights the gap at the end of fiscal year 2008 between the $2.35 trillion states had set aside to pay for employees’ retirement benefits and the $3.35 trillion price tag of those promises. The report makes the case for urgent state action to fund retiree health benefits without taking money from education, public safety, and other needs. The repercussions, ultimately, affect taxpayers or cuts to essential public services. According to the Pew Center, forty states were classified as needing improvement, having set aside less than 7.1 percent of the funds required.
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