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The unfunded liability for retirement benefits under the state’s five pension systems increased more than $1.3 billion last budget year, Auditor General William Holland said Thursday.
Holland’s audit for the budget year that ended June 30 found almost $1 billion of the increase was attributed to the Teachers’ Retirement System.
Holland said the liability for retirement benefits had been projected to exceed the pension systems’ assets this year.
The $1.3 billion increase might have been even higher if not for a state law that requires increased state funding for the pension systems, with the money coming off the top before lawmakers can consider other funding issues.
