Alabama's Pension Crisis: A Growing Burden
Birmingham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Alabamas public pension systems face a staggering $24 billion shortfall, a 10-year increase from $14.4 billion. Despite reforms in 2011 and 2012, the gap widens due to insufficient funding. Alabama ranks 44th in employer contribution rates, contributing only 13% of payroll, far below the national average of 21.6%. This shortfall burdens taxpayers and drives up future costs. Lowering assumed investment returns would require more upfront cash but provide a more accurate cost picture and curb endless growth. Policymakers must act to address these root issues to prevent the pension burden from further straining state budgets and residents.
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