Raleigh, N.C. – North Carolina recently found out it owes about $32 billion to its retiree health benefit fund.
It would take annual payments of $3 billion over 30 years to bring that fund to solvency. Those are payments and debt not included in the $3 billion deficit openly discussed by political leaders.
The fund pays for retired state employees medical expenses until they are enrolled in Medicare. It also pays for anything Medicare does not.