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W.Va. slashes shortfall in retiree benefit funding

November 26, 2013
Associated Press

CHARLESTON, W.Va. (AP) — A new report shows that West Virginia has reduced a shortfall in funding for non-pension retiree costs by nearly half.

The report from Standard & Poor's Rating Services shows that the state's unfunded liability for these costs was $3.57 billion at the end of the 2012 fiscal year. That's down 49 percent from $7.43 billion at the end of the 2011 fiscal year.

These other post-employment benefits, also known as OPEB, are mostly health coverage.

West Virginia lawmakers passed several reforms in 2011 and 2012 to reduce the state's OPEB liability.

Public Employees Insurance Agency executive director Ted Cheatham tells the Charleston Daily Mail (http://bit.ly/IeZlWT ) that the issue will be resolved in 20 years, if future lawmakers leave the reforms in place.

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Information from: Charleston Daily Mail, http://www.dailymail.com

 
 

 

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