Public employees pension plans underfunded


Eleven of 12 pension plans covering Minnesota government workers don't have enough money coming in to pay out benefits that have been promised.

The Associated Press reports that the gap has grown. When state legislators tried to shore up the problem in 2010, the deficit was put at $12 billion. Today, according to the Legislative Commission on Pensions and Retirement, the funds are underfunded by more than $16 billion. The legislature will consider remedies during this session.

The plans pay for retirement for more than 729,000 current and retired state and local public employees.

Next Up


Do public employees up north retire better than the rest of us?

A Chicago-based watchdog group that trains its critical eye on public employee pensions has turned its scrutiny to Duluth and St. Louis County. The group found many public workers receiving pensions of more than $100,000 a year. However, some say that focusing only on the highest paid employees isn't fair.