Great news for Oregon taxpayers! The economic downturn will cause pension costs to double in coming years for employers participating in the Oregon Public Employees Retirement System, consultants for the agency said Friday.
State agencies, local government, school districts and other public entities likely will be required to pay an average 25 percent of their total payroll in pension contributions to PERS by the biennium that begins in July 2013, according to an economic projection by the Portland firm Mercer.
Take a look at California. What's killing them? In large part, it's unfunded pension liability. Take a look at Portland. Unfunded pension liability: roughly $2,600,000,000. And growing.
Tick. Tick. Tick...
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