The file photo on Friday, August 26, 2016 shows signs of the Illinois Teacher Retirement Program in Springfield, Illinois. In a report released on Tuesday, September 14, 2021, the Pew Charitable Trust found four of the most endangered states. The Illinois, Kentucky, New Jersey, and Pennsylvania pension schemes are increasing their contributions even more rapidly, averaging 16% annual growth.
File-File on Tuesday, May 12, 2015 In the photo, protesters are holding a sign in front of the State Capitol in Trenton, NJ. In a report released on Tuesday, September 14, 2021, the Pew Charity Trust further contributed to four states, including the most endangered pension schemes in Illinois, Kentucky, New Jersey and Pennsylvania. It is growing rapidly, averaging 16% annual growth.
File-File on Tuesday, December 12, 2006 The photo shows the retirement program logo for a public school employee near its headquarters in Harrisburg, Pennsylvania. In a report released on Tuesday, September 14, 2021, the Pew Charity Trust contributed more rapidly to the four states where the pension system is at greatest risk: Illinois, Kentucky, New Jersey, and Pennsylvania. The annual average growth rate is 16%.
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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