RALEIGH – At a meeting Thursday, the trustees for the state’s two largest pension funds barely mentioned the unfunded liability created a year ago when Democrats shortchanged state employees. The General Assembly failed to pay the Annual Required Contribution that would keep the pension funded.
The trustees also did not question annual returns on the largest funds. The investments have bounced back since the recession started, but the 10-year rate of return still falls far short of what’s needed to balance the fund.
Meantime, Sen. Tom Apodaca, R-Henderson, is pushing a bill that would reduce retirement benefits for newly hired state employees, making it easier for future legislatures to keep pace with promised benefits.
To watch CarolinaJournal.tv’s full report on the pension board, click on the video.
Anthony Greco is an associate editor of Carolina Journal.