Report: Colorado schools, cities have $10 billion in hidden pension liability

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Watchdog.org:

Colorado’s schools and governments have about $10 billion in hidden pension and health-care benefit liability, a “sinkhole” that could cost many individual taxpayers $10,000 or more to fill, a report from the Chicago-based nonprofit Truth in Accounting found.

 

Sheila A. Weinberg, TIA founder and CEO, said the Colorado Public Employees Retirement Association hasn’t collected enough from school districts and local governments to cover retirement costs for all the local employees.

 

DIGGING DEEPER: Truth In Accounting founder Sheila Weinberg said governments are leaving taxpayers with billions in pension liability.

“It is pushed off year after year until these plans don’t have enough money to pay for retirees,” she said. “They’re either going to have to raise taxes or cut benefits.”