Illinois

Survey: State Workers’ Pensions Best Since 2008 | Business and Economy

GEOFF MULVI HILLAP communication

The pension system for state officials across the United States has been at its best since the Great Recession began more than 12 years ago, according to a survey released Tuesday.

Pew Charitable Trust report It appreciates the state’s long-term measures, including the fast-growing stock market over the past year, increased taxpayer contributions to public pension funds, and reduced retirement benefits promised, especially for new employees. increase.

“Better decisions, fiscal discipline, are something the state can continue to do next year and next year,” said Pew’s David Drain, one of the authors of the report. “We can’t expect a once-in-a-generation return to happen again.”

The soundness of the public pension system resonates beyond civil servants. If the system is underfunded, state and local governments should consider raising taxes or reducing basic government services to pay retirement pensions.

Pew estimated that the state retirement system had sufficient assets to pay more than 80% of its obligations. It is well funded for the first time since 2008.

The stock market recovery following the free fall when the coronavirus pandemic began in 2020 was a major factor in restructuring funds.

Survey: State Workers’ Pensions Best Since 2008 | Business and Economy

Source link Survey: State Workers’ Pensions Best Since 2008 | Business and Economy

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