Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

TexasTowelie

(116,554 posts)
Thu Dec 1, 2016, 10:10 PM Dec 2016

Iowa Public Employees' Retirement System unfunded liability nears $5.6 billion

Iowa's largest public employees' pension fund has a long-term unfunded liability of nearly $5.6 billion, but steps are being taken to address the shortfall and have it paid off in 28 years, an independent actuary told state officials Thursday.

A report prepared for the Iowa Public Employees' Retirement System, which has 350,000 members, showed the pension fund had a market value of $28.3 billion on June 30, 2016. State officials said there is no problem providing monthly benefit checks for current retirees and they do not anticipate any difficulties meeting the pension fund's promises in the future.

"The unfunded actuarial liability is a big number, but it is not an obligation that is due right now," said Patrice Beckham, a consulting actuary with Cavanaugh Macdonald Consulting, LLC, of Bellevue, Neb. "There is time to pay it off and you need a plan to pay it off, and that is exactly what is in place here."

The report was released as conservative policy groups and taxpayers organizations have been urging the Iowa Legislature to shift IPERS away from traditional defined benefit pension plans, which guaranteed monthly checks to retirees.

Read more: http://www.desmoinesregister.com/story/news/politics/2016/12/01/ipers-unfunded-liability-nears-56-billion/94735470/

3 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Iowa Public Employees' Retirement System unfunded liability nears $5.6 billion (Original Post) TexasTowelie Dec 2016 OP
I see cat food in lots of people's futures. WhiteTara Dec 2016 #1
I don't even have that guarantee. TexasTowelie Dec 2016 #2
If you are already battling for the cat food WhiteTara Dec 2016 #3

TexasTowelie

(116,554 posts)
2. I don't even have that guarantee.
Thu Dec 1, 2016, 10:21 PM
Dec 2016

If you check out the scars on my legs it is evident that the cats have won our numerous battles.

WhiteTara

(30,148 posts)
3. If you are already battling for the cat food
Thu Dec 1, 2016, 10:34 PM
Dec 2016

it's going to be a long cold winter! I plan on trapping squirrels that come to the bird feeder.

Latest Discussions»Region Forums»Iowa»Iowa Public Employees' Re...