CHARLESTON — Funding shortfalls in West Virginia’s public pensions worsened by $2 billion during the past budget year, after Wall Street’s meltdown erased years of gains.
The Consolidated Public Retirement Board announced unfunded liabilities totaling $7 billion.
The plan that provides benefits to 29,245 retired state teachers suffered the worst hit. Investment losses left it just 41 percent funded.
Gov. Joe Manchin has requested $145 million to shore up the plans. Rates also rose automatically for state agencies paying into three of the plans. The board voted Wednesday to increase employer rates for two more as of July 1.
In perhaps the sharpest hike, the State Police saw its annual contribution double to $12 million for the larger of two trooper plans.
State News
January 14, 2010
Market losses worsen state pension liabilities
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