Florida Employee Pension Unfunded Liabilities Grow

Florida Employee Pension Unfunded Liabilities Grow -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: +------------------------------------------------------------------------------+Florida Employee Pension Unfunded Liabilities Grow (Correct)2010-10-07 14:19:58.206 GMT(Corrects second, fourth and fifth paragraphs to show assetchanges reflect payments of benefits in story published Oct. 4.)By Simone BaribeauOct. 4 (Bloomberg) -- Florida’s pension system, the fourth-largest in the U.S., can afford to cover only 87.9 percent ofthe benefits it promised because of losses from the recessionsince 2008, according to the state’s actuaries.The plan’s underfunding widened from 89.3 percent lastyear, Robert S. Dezube, consulting actuary for Milliman Inc.,told the Florida Retirement System Actuarial AssumptionEstimating Conference today. Fund gains of 9.7 percent afterpayment of benefits over the year ended in June weren’t enoughto outweigh the losses recorded due to a “smoothing” techniquethat spreads large declines or increases over five years....
View Full Document

This note was uploaded on 11/06/2010 for the course ECON Econ taught by Professor Liasa during the Spring '10 term at University of San Francisco.

Page1 / 4

Florida Employee Pension Unfunded Liabilities Grow -...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online