by David Coates, Managing Partner, KPMG (Retired)
As promised in my previous commentary here, I will present in this article some possible solutions to the state’s pension and retiree health care benefits crisis……and, yes, it is a crisis!
Just to recap, as of June 30, 2016 the state and taxpayers are on the hook for $3.6 billion of unfunded liabilities for these benefit plans for around 32,000 state workers and teachers. By comparison the state and taxpayers are also on the hook for about $650 million of bonds issued for basically infrastructure improvements that benefit our entire population of around 625,000. (more…)
