Fact check: RI’s unfunded liability for retiree health is $916.8M

April 27th, 2012 at 12:30 pm by under Nesi's Notes, On the Main Site

There seems to be some confusion about the state of Rhode Island’s unfunded liability for retiree health care.

The shortfalls are $774.8 million for state employees; $80.3 million for state police; $50.6 million for the board of governors; $9.5 million for teachers; $1.8 million for judges; and about $1,000 for the General Assembly. Those numbers come from the latest draft valuation by actuaries Gabriel, Roeder, Smith & Co.

Put it all together and the total unfunded liability for all six groups combined is $916.8 million as of June 30, 2011, up from $822.3 million last time. Again, that’s the state-level shortfall for OPEB (“other post-employment benefits”), which is separate from pensions. (The municipal OPEB shortfall is more than $3 billion.)

• Related: RI taxpayers to pony up $48m for retiree health in 2011 (April 28, 2011)

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3 Responses to “Fact check: RI’s unfunded liability for retiree health is $916.8M”

  1. Mr. fish says:

    you mean the right wingers like Katz and such were WAAAAAYYYY off again. Shocked.

  2. Justin Katz says:

    Not sure what you’re talking about, Fish. This is OPEB, and I haven’t gotten to that, yet, in most of my retirement calamity review.

    Seems like a pretty transparent attempt to marginalize people with whom you disagree. (Anonymously, too.)

  3. Kaiser Freeman says:

    Mr Fish, it is more important to find out who has put our state in such a unimaginable financial catastrophe. Looking at who was in control of our state for the past 30 years will give all the correct answer. Politicians and diapers should both be changed regularly and for the same reason. I rest my case.