SACRAMENTO: Unfunded liability, state worker retiree health care: Report/analysis, "Tackling big debt that lawmakers let balloon"; also, editorial, "200,000 retired state workers' long-term health care isn't funded" ....
* Calpensions: "Tackling the big debt that lawmakers let balloon" - From Calpensions:
The debt or “unfunded liability” state Controller John Chiang reported last week for state worker retiree health care, $72 billion, is larger than the unfunded liability for state worker pensions reported by CalPERS in April, $50 billion. It’s a legislative legacy, a debt for state worker services received by one generation that lawmakers decided to let the next generations inherit.
The total state unfunded liability (“unfunded actuarial accrued liability”) for retiree health care (“other post-employment benefits”) in fiscal 2013 was nearly $498 billion, or 3.25 percent of national gross domestic product, according to a report issued this month.
In an annual “fiscal outlook” last month, nonpartisan Legislative Analyst Mac Taylor expects state retiree health care costs to grow at nearly the same rate during the next five years, going from $1.8 billion this fiscal year to $2.8 billion in fiscal 2019-20. The analyst’s report urges the Legislature to .....................
* San Francisco Chronicle (editorial): "200,000 retired state workers' long-term health care isn't funded"