PA Pension Debt has passed $66 billion

Posted by By at 6 May, at 11 : 31 AM Print

Pennsylvania’s Pension Debt has now passed $66 billion.   The new figure is a revision using the 12/31/15 State Employees Retirement System (SERS) report.  Prior to its release, the “clock” was based on the 12/31/14 report and adjusted as accurately as possible.   And, given the pension fund discount rate  of 7.5%, the (old) number increased at $143 per second.  (The Public School Employees Retirement System (PSERS), which is added to SERS to reach the $66 billion+ total is based on a 6/30/15 report.  So when that new report comes out, I’ll have to recalibrate again.)

With the new SERS report available for analysis, the experts I use to estimate the new total debt, is $66.4484 billion and increases now at $158 per second.   I therefore have recalibrated the clock this morning.

So we’re off and running…from an even higher figure, and at a quicker pace.

We  Pennsylvanians really know how to screw things up!

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