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Grand Jury: No money for school district retiree benefits

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The Straight Story Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 12:46 PM
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Grand Jury: No money for school district retiree benefits
Grand Jury: No money for school district retiree benefits


SACRAMENTO, Calif. (AP) -- A grand jury report shows 12 of 13 Sacramento County school districts don't have enough money to pay retiree health benefits.

Monday's grand jury report says those districts have $1 billion in unfunded retiree health benefits and they are not setting aside money for future retirees.

The grand jury says school officials are focused on dealing with current operating deficits and are ignoring the mounting debt.

Only the county Office of Education and Elk Grove Unified School District maintain interest-bearing funds to cover retiree health benefits. But Elk Grove is still about $240 million short.

http://www.news10.net/news/story.aspx?storyid=81209&catid=2
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 12:51 PM
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1. This is what happens when an entity (public or private)
Deliberately underfunds pension plans, expecting "risky" investments to recoup the difference.
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sinkingfeeling Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 01:21 PM
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2. That's what happens with run-away health care costs. No private nor public company/organization can
possibly afford to provide retirement healthcare insurance anymore. IBM stopped a decade ago.
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