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Arizona

State

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Municipal Retirement Fund

State Employees

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Maryland

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State Employees

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State Retirement System

Mississippi

Public Employees

Missouri

State Employees

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Public Employees

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Public Employees

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Retirement Systems

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All Plans

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State and Local

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Retirement Systems

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Public Employees

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Public Employees

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Public Employees

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State Employees

Public School Employees

Rhode Island

Employees Retirement System (ERSRI)

State Police

Judicial

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Retirement System (SCRS)

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General Assembly (GARS)

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Texas

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State Employees

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Virgina

Retirement System

Washington

Retirement System

West Virgina

Public Employees

Wisconsin

Retirement System

Wyoming

Retirement System

 

19 responses to this post.

  1. Hi John,

    Do you have a copy of the state data spreadsheet that contains actuarial liability numbers? I plan to load those data into R and see if I could create charts to highlights some of the points you made. This is both a learning exercise for myself as well as sharing information with the public. Thanks.

    Reply

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  8. Posted by Anonymous on February 15, 2014 at 8:36 am

    John, the one thing I wish you would clarify about health insurance for state employees is they reach 65, Medicare becomes their primary insurance and the state health insurance becomes secondary. It is a fact so it would be nice to convey it. However it does not help the states current financial state when it comes to paying for any insurance. Okay let me know what you think.

    Reply

    • I think most laymen realize that but what inflates the cost in New Jersey (which has the highest OPEB costs in dollar terms of any state by some measures) is the so many retirees (especially Police & fire) retire way before 65. Also, there’s all that stuff that Medicare does not cover that taxpayers also pick up in some cases, possibly even the cost of Medicare premiums.

      Reply

      • Posted by Anonymous on February 15, 2014 at 8:01 pm

        Thanks for your quick response. Is Obama care separate from MEDICARE or will it eventually replace it? I also believe that the state does not offer free health insurance anymore to any retires who have not already accrued 25 years. From this point on there will be no free health insurance for those who work 25 years or more. Isnt that correct? I think the free health insurance is more of an issue then the pension especially in my case. I only recieve 16k per year in pension.Unfortunately I may need the COLA some day .in order to get by. I am also disabled but do not collect disability

        Reply

        • I think the state put in some cost-sharing but if the COLAs come back I see the state immediately going after retiree health care since that is one thing that everyone seems to agree can be cut. Having New Jersey pay more for both pensions and retiree health care is not an option.

          Reply

          • Posted by Anonymous on February 15, 2014 at 9:26 pm

            When you say going after retiree health, what exactly does it mean and if it were so easy to do, why havent they done it before? Also the COLA is nothing compared to Health care costs per month. If were to receive COLA it would be 30 dollars more per month. Health Insurance must cost at least 800 per month,so how can the two even be compared.

  9. What everyone agrees on is that retiree health benefits are not protected and if COLAs come back requiring higher pension contributions then some governor or legislature will force higher copayments for it to make up for the additional COLAs which could be a significant part of a benefit eventually depending on how they’re defined. These are bottom-line people who want a predetermined outcome and fairness won’t enter into the equation.

    These are

    Reply

  10. Posted by Anonymous on February 15, 2014 at 10:00 pm

    Then why didnt they make changes to the Health Benefits since they are not protected wouldnt that have made more sense and saved more money? I dont understand why they went after something that was protected:? Can you answer that for me please?

    Reply

    • They did go after health benefits in making some public employees chip in more but as far as the heath benefits themselves there are too many George Norcross-types running this state who make money off of health benefits to have them seriously challenged.

      As for going after COLAs it’s because (a) other states are doing it; and (b) there is an immediate reduction in liabilities (20%) which translates into a similar reduction in contributions (if all of those other phony assumptions stay the same) which is the endgame.

      Reply

  11. Posted by Anonymous on February 16, 2014 at 2:52 pm

    I DONT BELIEVE ANY OTHER STATE GOT RID OF COLA COMPLETELY THEY ALL REDUCED THEM. JERSEY WENT FOR THE JUGLAR

    Reply

  12. Posted by Richard on February 23, 2014 at 12:11 pm

    True police and fire retire early but it is a young or at least middle-aged person’s job. Not sure I want someone my age going mano a mano with a mugger or dragging people out of burning buildings. A limited number get promoted to admin positions or the like but the bulk are front-line people.

    Reply

  13. Posted by Anonymous on May 26, 2014 at 11:32 am

    Is there any source that has updated from more recent valuation reports? The Moody’s and Morningstar reports seem to be CAFR numbers and so often a year or more behind what there is for valuation reports and I can’t figure out what sources the public fund survey uses.

    Reply

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