Monday, September 10, 2007

Boomers' retirement challenges Wyoming Employees Retirement system

The Wyoming Retirement System faces challenges ahead as baby boomers retire according to a recent state legislative audit.

"As baby boomers retire, greater numbers of retirees will be relying on plan benefits yet there will be proportionately fewer contributing members," said the Legislative Service Office staff report to the Legislature's Management Audit Committee.

Since 1994, annual pension payments have exceeded contributions.

The legislative auditors recommended, among other things, that Wyoming Retirement System officials do a better job of explaining to members why, since 2004, their cost-of-living raises have steadily decreased at a time of robust economic growth in the state.

The Wyoming Retirement System today manages seven defined benefit plans and one deferred compensation plan with combined assets of $6.2 million, the report said.

2 comments:

G.Wheat said...

The article about Wyoming's retiring baby boomers stated that state's retirement commission manages: "...combined assets of $6.2 MILLION?" surely, this is a typo... wouldn't it more likely be $6.2 billion (BILLION with a B?)?

Michael Meaux said...

A check with the Wyoming Retirement System confirms your comment. The figure listed in the story should be $6.2 billion.