Only the statutory contribution is not what the state owes to meet its obligation and prevent more debt. “Statutory” should be translated as the legislature made up a number and blew it out their collective butts.
The actuarial amount owed, the amount actually needed to keep from growing the liability is several billion more that the statutory amount.
They short the pension system every year, after year, after year, after year. And this year again.
Not exactly a trust-building thing, right?
Author(s): Fred Klonsky
Publication Date: 28 February 2021
Publication Site: Fred Klonsky