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.
All content copyright ©2014 Daily Journal, a division of Home News Enterprises unless otherwise noted.