Oregon's public pension fund down nearly 20% last year. Moving forward payments into the fund are scheduled to soar. With unemployment growing, tax revenues down where is the money going to come from?
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Payments to Oregon pension system to soar in 2011.
Oregon schools and governments are confronting a big increase in pension costs because of last year's meltdown in the financial markets.
The Public Employees Retirement System fund lost 27 percent of its value last year. The losses mean that the funded status of the system — the percentage of liabilities covered by the system's assets — declined from 98 percent at the end of 2007 to 71 percent at the end of 2008.
To help put the system's funded status back in balance, state and local government agencies, school districts and municipalities will have to devote a higher percentage of their payroll rates to pension obligations.
Contribution rates differ by employer. But systemwide, payroll rates to fund pensions will jump from an average of 4.7 percent of payroll to 13.1 percent starting July 1, 2011, according to a new report from the pension system's actuary.
News of the forthcoming increase comes at a time when government budgets are absorbing recession-related cuts.
http://www.kgw.com/sharedcontent/APStories/stories/D9B2GBO81.html
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