Pension Update from State PBA President Colligan

Just passing on info posted by Colligan....

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Pension Update from State President Colligan

I wanted share some good news about our pensions. The State Investment Council met this week and disclosed that our pension investments are earning double what managers expected. Four years ago the pension fund balance was $66 billion. In the last four years it has grown by $35 billion despite the State failing to pay its obligation. This increase took place while a record numbers of officers retired. Experts told the investment council that if the current rate of return on investments continued, we would have no pension debt at all.

While the Investment Council’s report is good news it just highlights our arguments about the current political debate about pensions. The Governor missed a golden opportunity to strengthen our pension even further by simply paying the State’s obligation. The pension problem exists because politicians have repeatedly failed to pay into the pensions. The Governor can spin all he wants but this report highlights his failures.

The report should reassure our members that our pensions are generating a good return. Our pensions are on solid ground. This report will not make the Governor restore COLA or stop his latest campaign against law enforcement officers. It will make people take note that employee contributions have kept the system afloat even when the State failed to meet its obligations.