CAPITOL FOCUS West Virginia Legislators Discuss Raising Retirement Age To Save Money
Reported by: Associated Press
Web Producer: Bethany Simmons
Reported: Oct. 15, 2012 8:23 AM EDT
Updated: Oct. 15, 2012 8:54 AM EDT
Eyewitness News Photo
Charleston
, Kanawha County
, West Virginia
Legislators are discussing raising the retirement age, hiking contribution rates and curbing credits for unused sick leave for public employees.
Those steps and others are on the table as West Virginia faces an estimated $5.6 billion gap between on-hand assets and benefits promised by five state retirement programs.
West Virginia is not alone. A recent report from the Pew Center on the States, suggests public pension plans nationwide face funding shortfalls that total $1.4 trillion.
Steep investment losses during the great recession are partly to blame. A number of states have already begun cutting back on their public pension benefits.
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Associated Press
