In the future, decades from today, current talk is that the state pension system may face a multi-billion dollar shortfall.
Officials forecast the pension system, which serves state workers outside higher education and election officials, will run out of funds to pay benefits by 2052 if no changes are made.
We talked with local correctional employee’s AFSCME union President Lance Lowry . . . .
Lowry said they’re “looking to get this fixed this next session.”
According to officials, when the legislature meets in 2015 options suggested include kicking in $4.5 billion, increasing the rate of payroll contributions from employers and workers, cutting the benefits of future hired employees or a separation of law enforcement employees approved to retire earlier.