Each Alaska taxpayer’s financial burden equals $1,400. Read report here: 2009 Alaska Financial State of the State Share and Enjoy:
We are really struggling with determining the state’s share of the unfunded retirement liability for the Teachers’ Retirement System. The Note 7 of the state’s financial report (p.110) indicates that the state’s contribution to the TRS-DB for fiscal year ended June 30, 2009 was $6.3 million. The total contribution to the plan was $280 million. [...]
The Institute is still working on Alaska’s financial state of the state. I emailed the TRS pension administrator to get the state portion of that pension plan’s liability. Because the state retirement plans are comingled with cities, school districts and counties, it is extremely difficult to determine how much each governmental entities liability is. It [...]
At June 30, 2008 there are 58 employers participating in the Teachers’ Retirement System. Two of the 58 employers where part of the state of Alaska. But we can’t determine how much the state’s share of the covered payroll and how much the state will be required to contribute to the unfunded pension liability. These [...]
According to the calculations of the Institute for Truth in Accounting the state is responsible for 57.5% of the unfunded pension liability of the Public Employees Retirement System. This percentage is based upon the state’s percentage of the payroll covered under the plan. Using this percentage the state’s share of the $1.9 billion of unfunded [...]
We are currently trying to determine the state’s share of the Public Employees’ Retirement System’s unfunded liability. The PERS unfunded liability as of June 30, 2008 was $1,943,510,000 ($1.9 billion). In note 7 of the state’s 2009 financial report (page 108) says, “The Alaska Legislature passed Senate Bill 125, which was signed by the Governor [...]
June 5, 2010 – The Institute for Truth in Accounting is currently working to determine Alaska’s true financial condition and the taxpayer’s bail out, which is the amount each taxpayer would have to pay the state to cover its outstanding bills. This analysis will be hampered by the tardiness of the Public Employees’ Retirement System’s [...]
The Pew center said on Wednesday that Alaska, Colorado, Illinois, Kansas, Kentucky, Maryland, New Jersey and Oklahoma had, in essence, failed its new test because they made no meaningful progress on keeping their retiree benefit plans sound. The worst case was Illinois, with a $54 billion gap between the cost of the benefits it had [...]
Alaska Comptroller’s website: http://fin.admin.state.ak.us/dof/main/index.jsp Alaska’s Comprehensive Annual Financial Reports can be found at: http://fin.admin.state.ak.us/dof/financial_reports/cafr_toc.jsp Alaska is required to pass a “balanced budget”. Section 37.07.020 of the state law mandates proposed expenditures may not exceed estimated revenue for the succeeding fiscal year. Section 37.07.014(e) commands the legislature to modify estimated receipts and revenues to ensure a [...]
