State's Retiree Health Benefits Payments at Crisis, Consultant Says: ; Warns Costs Could Take 20 Percent of Budget in 2010

Summary

---

Fiscal realities are forcing states like West Virginia to cut retiree health benefits for public employees or face financial crisis, the state's financial adviser told lawmakers Monday.

West Virginia currently owes about $7 billion for costs of future health-care benefits already promised to public school and state employees, said Steven A. Goldfield, senior managing director of the Public Resources Advisory Group.

See the full content of this document

Extract

---

State's Retiree Health Benefits Payments at Crisis, Consultant Says: ; Warns Costs Could Take 20 Percent of Budget in 2010

With health-care costs rising at about 7 percent a year - or more than double the growth in state tax revenue - the massive unfunded liability will continue to grow ...

See the full content of this document

---