Pension Cuts Face Test in Colorado, Minnesota –

A quick article here for NC State Employees/Retirees. Keep you eyes on Colorado and Minnisota as lawmakers set precedent on States obligation to fund YOUR retirement. Coming soon to a state near you!

Pension Cuts Face Test in Colorado, Minnesota –

“A showdown is looming over whether commitments made to retirees by government pension funds can be scaled back in dire economic times.

Facing shortfalls, some public pension funds are responding by paring back payouts pledged to retired workers. Earlier this year, pension funds in Colorado and Minnesota curtailed annual cost-of-living increases.

‘No matter how draconian you got on the new hires, you ran out of money’ if you didn’t cut benefits to current retirees, said Meredith Williams, chief executive of the Colorado Public Employees’ Retirement Association, with $34.2 billion in assets.”

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