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OCERS has to project into the future so the unfunded liablity would be if every employee worked 30 years and collected a pension, there may be a problem. It's like buying a new house and you put 10 percent down, you can still make the payments easily but your bank account would have to funded to be able to pay the house off in full. Only 10 percent retire, OCERS still has to fund as all of them make a 30 year career, that's were the unfunded liability comes from it's not really there.
verysmartdude 8 months ago
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What really needs to be done with federal, state, city, local, etc, etc, pension plans (probably will never happen) is to have all new employees put on a DEFINED CONTRIBUTION (self directed ira/401k plan) plan, as opposed to a DEFINED BENEFIT plan. Curent employees under a DEFINED BENEFIT plan should be required to make contributions that will result in full funding of the pension system. Also, do away with the retiree health benefits, cannot justify this huge bennie any more.
tickyul 1 year ago