BIRMINGHAM (AP) — New figures indicate that Alabama's biggest pension plans are continuing to fall behind in their ability to meet future obligations. Actuarial figures show the state's Teachers Retirement System and Employees Retirement System's assets totaled less than 75 percent of their estimated future payments to retirees at the end of the 2009 fiscal year. Figures from the Retirement Systems of Alabama's actuary firm, Cavanaugh Macdonald Consulting, were released last week. Most people covered by the plan contribute 5 percent of their paychecks toward their pensions.
Finance Director Bill Newton says he's not aware of any plan to raise the employee contribution rate. The state's contributions to the plan have more than doubled in the last five years.
Information from: The Birmingham News
