N.C. pension in better shape than in many states |
Written by Josh Ellis/Bruce Ferrell
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Wednesday, 27 April 2011 10:03 |
(RALEIGH) -- North Carolina is doing a better job than most states when it comes to funding state employee pension and retiree health coasts. Pew Center for the States researcher Kil Huh said it is a matter of planning ahead.
"What North Carolina has done is basically manage to put aside the money that you need annually for their pension promises so that in times of market fluctuations, especially during downturns, they're able to sort of manage that much more effectively," said Huh.
A Pew study found that state retirement systems across the country in fiscal 2009 had assets to cover 78 percent of long-term costs, down from 84 percent the previous year. States were supposed to contribute $115 billion to keep from falling further behind, but they provided only $73 billion.
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