This editorial will appear in Wednesday’s print edition.
All over the country, pension systems for public workers are in trouble. Many are woefully underfunded. Nationally the deficit was $1 trillion at the end of 2008, and it’s been widening since as baby boom workers retired in growing numbers and the recession battered investment funds.
Washington is in better shape than most states. As of 2008, according to the Pew Center on the States, it was one of only four states whose pension systems were fully funded.
But, according to Pew, “Washington needs to improve how it manages its long-term liabilities for both pensions and retiree health care and other benefits. The state has failed to meet its actuarially required contributions since 2001.”
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