Unfunded liabilities, or the difference between what’s been promised to future retirees and what’s actually on hand to provide for those benefits, surged to $66.5 billion, according to the Pension Review Board’s latest actuarial figures for January 2017. That’s an increase of $3.2 billion since the last report in November 2016 and over $6 billion compared to roughly this time last year.
As pension debt continues to swell to epic proportions, one can’t help but wonder—is the Texas Legislature finally prepared to do what’s needed to reform the systems and better protect retirees and taxpayers?
Source: Texas Bond Review Board