Florida Employee Pension Unfunded Liabilities Grow

Florida Employee Pension Unfunded Liabilities Grow -...

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+------------------------------------------------------------------------------+ Florida Employee Pension Unfunded Liabilities Grow (Correct) 2010-10-07 14:19:58.206 GMT (Corrects second, fourth and fifth paragraphs to show asset changes reflect payments of benefits in story published Oct. 4.) By Simone Baribeau Oct. 4 (Bloomberg) -- Florida’s pension system, the fourth- largest in the U.S., can afford to cover only 87.9 percent of the benefits it promised because of losses from the recession since 2008, according to the state’s actuaries. The plan’s underfunding widened from 89.3 percent last year, Robert S. Dezube, consulting actuary for Milliman Inc., told the Florida Retirement System Actuarial Assumption Estimating Conference today. Fund gains of 9.7 percent after payment of benefits over the year ended in June weren’t enough to outweigh the losses recorded due to a “smoothing” technique that spreads large declines or increases over five years. “We really didn’t make any headway over the year,” said Amy Baker, chief economist for the Legislature, in a telephone
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interview. “We would have had to have spectacular market
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