#3 Sep 20, 2011
Barro and Buck, a Philly actuarial firm, put Pennsylvania’s adjusted funding gap at $43.2 million, more than four times the $9.4 million figure cited by the Pennsylvania Public School Employees Retirement System (PSERS), the report said.
And while the state claims the system is 86 percent funded, they said the true figure is 54 percent.
“What explains the rest of the gap between the funds’ estimates and our own?” the report said.“The funds aggressively ‘discount’ the cost of paying benefits in the future because they assume that stocks’ values will be much higher by the time the funds have to pay out those benefits.
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