The Oregon Public Employees Retirement System’s deficit increased by 20 percent.
Public employers had already been warned to expect maximum increases over the next six years, which would take their pension fund contribution rates from an average of about 18 percent of payroll to nearly 30 percent, redirecting billions of dollars out of public coffers and into the retirement system.
In reality, those “maximum” increases could be a lot bigger.
Milliman Inc., the actuary for the Public Employees Retirement System, told board members at their regular meeting Friday that the pension fund now has 71 to 72 cents in assets for every $1 in liabilities.
(READ MORE: Oregon Live)