Pension shortfall projected to be $8.7B at end of fiscal year

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JUNEAU, Alaska — The state is projecting to end the fiscal year with an $8.7 billion pension shortfall.

The unfunded liability for the public employees' and teachers' retirement systems stood at roughly $12 billion when the Legislature earlier this year approved moving $3 billion from savings to further address the shortfall.

Deputy commissioner of Administration Mike Barnhill says the $3 billion will be deposited in three installments over the course of the year.

He said the projection also includes actuarial assumptions, such as an 8 percent investment return. He said there's no guarantee the unfunded liability will be $8.7 billion at the end of the fiscal year but that's the best projection at this time.

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