Our state faces a crisis with OVER $6 billion in unfunded liabilities. Lawmakers need to take action now to get us out of the hole we are currently in.
SB 72 is a bill that puts our state on the right track. The pension is currently at 69% of necessary funding. At these levels, and due to past mismanagement, the fund is in danger of a "death spiral" in the event of economic downturn.
These changes are essential to the long-term solvency of our state’s pension: over the next 25 years, it’s expected to cut nearly all of the $6.3 billion unfunded liability, which taxpayers would have to foot if costs continue to spiral out of control.
There is more work to do, but this is a first step towards shoring up our pension system.