PERS unfunded liability drops to $11 billion

Print
Email
|

by Associated Press

kgw.com

Posted on November 25, 2013 at 7:26 AM

SALEM, Ore. (AP) — The financial health of Oregon's public-employee pension fund is improving a bit.

Actuaries told the board of the Public Employees Retirement System on Friday that the unfunded liability has dropped from $14 billion a year ago to $11 billion. They say the pension fund has enough money to pay 82 percent of all liabilities, up from 79 percent.

The Salem Statesman Journal reports that the improving picture is a result of strong investment earnings and benefit cuts approved by the Legislature, which will lower long-term costs if they're upheld by the state Supreme Court.

Investments have growth 12 percent during 2013, higher than the assumed annual growth rate of 7.75 percent.

Print
Email
|