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New York Times - Alaska: Pension Plan Would Tap State Savings

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Location: Unknown

By Reuters

Gov. Sean Parnell will urge in his fiscal 2015 budget plan that the state tap $3 billion in one of its savings accounts to pay down $11.9 billion unfunded liability in Alaska's two largest pension funds. The proposal would also allow Alaska to reduce its annual contribution to its Public Employees' Retirement System and Teachers' Retirement System to $500 million a year from this year's $600 million and raise the funded status of the two pension funds by 10 percent almost immediately, Mr. Parnell's office said Thursday. The Public Employees' Retirement System is 63 percent funded, and the Teachers' Retirement System is 53 percent funded. His plan comes at a time of increasing concern about the financial health of retirement systems for public-sector employees. On Thursday, Gov. Pat Quinn of Illinois signed into law a long-awaited overhaul to his state's public pension system, which is underfunded by nearly $100 billion.

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