State Treasurer Janet Cowell is using an October report based on December 31, 2007, data to tout the strength of the North Carolina state employee retirement system (“Annual Study Shows NC Pension Fund Remains Strong” is what the home page says). Former Treasurer Richard Moore said the pension fund had lost nine percent between June and September.
Meanwhile, Virginia admits that the state employees’ pension fund there has lost one-fourth of its value, or $13 billion, since June. Our northern neighbor had enough on hand to cover 88 percent of its pension obligations in June 2008, but could be down to 73 percent by June 2009.
South of the border, Gov. Mark Sanford is worried about projections made by the guardians of South Carolina’s state employees’ pensions. The pension fund there is also funded at about 76 percent of its obligations.
Current retirees may be safe, but current state employees have reason to be concerned about their future pension and health care benefits (where the latest unfunded liability projection is $30 billion).
