Unfunded pension liability for state grows to $5.33 billion
WARWICK, R.I. (AP) — Rhode Island’s pension liability for state workers grew to over $5.33 billion this fiscal year.
The larger deficit between the assets in the state’s $8.3 billion pension fund and the future retirement benefits promised current and former employees was the result of a number of factors. The Providence Journal reports the unfunded liability grew by a combined $699 million this year.
The figures were released Friday by the state’s actuary to the state Retirement Board in Warwick, noting the unfunded liability for both state workers and teachers is expected to continue to grow until the 2019-2020 fiscal year.
The pension for state employees is expected to be fully funded by 2038.