Politics & Government

June 22, 2014

Pension report says longer lifespan means a shortfall is coming in state pension plans

For years, all but two of Washington state’s pension plans have been considered among the best funded in the country - with more money amassed in them than is needed to cover expected payouts. The rosy picture is changing as the state moves to a new formula that reflects that lifespans for retired workers keeps getting longer. By one measure, the change means state pension plans are underfunded by $4.4 billion.

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