Pension Payments to Retirees Dropping 9.6 Percent
Posted Friday, March 1, 2013 --- 2:54 p.m.
MADISON, Wis. (AP) -- Retired public employees in Wisconsin will see their monthly pension payments decrease by 9.6 percent starting in May.
The Department of Employee Trust Funds announced the cut on Friday. It had warned in December that the cut could be as high as 13 percent.
Pension payments are based on the performance of funds managed by the State of Wisconsin Investment Board, as well as other actuarial factors like the number of retirees entering and leaving the system.
Payments to retirees invested in the Wisconsin Retirement System's Core Fund are smoothed over a five-year period, and the declines are the result of a 26 percent loss in investments in 2008.
Payments are expected to increase in 2014.
Copyright 2013: Associated Press
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by jerry Location: Briggsville on Mar 1, 2013 at 05:21 PMDid the folks who do the investing get a reduction in their pay to match the poor job they did?[ Report Abuse ]
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by C Location: Madison on Mar 1, 2013 at 03:09 PMAusterity, get used to it.[ Report Abuse ]
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