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Funding Public Pensions Is Smart Policy
Council 4 Presidents Plus One Meeting regarding pension funding.
Eliminating these deductions will increase the state's annually required contribution (ARC) by about $125 in the next fiscal year and similar amounts in future years. All told, the savings to taxpayers will be about $5.8 billion -- with no negative changes to the plan design and benefits.
"What the governor has proposed is not a concession," said Council 4 Executive Director Sal Luciano. "In fact, it will securitize state employee pensions over the long term, to the benefit of beneficiaries and taxpayers alike."
Council 4 Executive Director Sal Luciano meets the press to discuss the governor's pension proposals.
Update: On Feb. 3, 2012, SEBAC leadership and the State signed an agreement permitting the State to increase the actuarial required contribution (ARC) to pension fund. This agreement was submitted in resolution form to House and Senate.
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