Friday, November 19, 2010

Fixed-Benefit Pension Problems in Wisconsin

Yah, 2008 was not a good year.

Losses for the public pension funds managed by the State of Wisconsin Investment Board totaled $23.6 billion that year, causing retirees to see a drop in payments from the board's core fund - the first time retirees ever saw their monthly payments from the fund decrease.

They gained $13.5 billion the following year, ending 2009 with $72.8 billion in assets.

So what?

...governmental entities that employ people covered by the retirement system saw their costs to fund pension benefits increase "from 10.4% of employee salaries in 2009 to 11% in 2010 and 11.6% in 2011, which will be the highest rate since 1996."

That's what.

Your "retired" Legislators and Doylet will send thank-you notes, no doubt. I'm sure I'll get one from Mr. Vrakas, who voted to enhance his pension while still a legislator.


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