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By Curt W. Olson | Texas Budget Source
AUSTIN — A new pension study raises “serious concern” for Texas’ pension funds because of rising retiree health-care costs.
“Texas’ retirement plans had a liability of $219.4 billion and the state has fallen $82 billion short in setting aside money for it,” the Pew Center on the States analysis on Texas shows.
“Texas was a solid performer at how it managed its long-term liabilities for pensions but was cause for serious concern for how it handled its bill for retiree health care.”
The state has funded a measly 1 percent of retiree health care, with a $56 billion liability. The national average for funding retiree health care is 8 percent.
Read the complete story at Texas Budget Source
