"Progress is being made, but another $7.5 billion is still needed.
...Unfortunately, the state went from having saved enough money to pay all promised benefits to a $6 billion underfunding gap.
New data from the state shows that it is finally starting to catch up.
From 1997 to 2002, lawmakers had enough money saved to pay for the pension benefits promised to state employees.
From 1997 to 2002, lawmakers had enough money saved to pay for the pension benefits promised to state employees.
But between 2002 and 2012 the state failed to keep up with the growing costs of those benefits and it generated $6.2 billion in debt to the people in the retirement system.
...According to the latest assessment, unfunded liabilities fell by $100 million in 2017...
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