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West Virginia has one of
the most poorly funded public employee
and teachers pension plans in the nation, according to a report from Wilshire Associates, a global investment
company.
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Stephen Nesbitt says a larger hunk of
West Virginia's budget is going to
personnel costs than other states.
Wilshire's group reviewed public pension plans in
all 50 states, including West Virginia's
public employees and teachers retirement funds.
Those two plans contain only 45 cents for
every dollar owed for current and future
benefits, he said.
No other state has a worse
ratio of assets to liabilities.
The national average is 98 cents for every
dollar in promised benefits.
West Virginia's retirement plans were short about
four-and-a-half billion dollars when
Wilshire checked the numbers last month.
That un-funded liability is one-and-a-half
times as large as the state's nearly three
billion dollar budget.
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