Skimming leaves retirement fund short

The plan would have been about 95 percent whole had the state not diverted returns, the ERS head says

By Dave Segal

POSTED: 01:30 a.m. HST, Feb 22, 2013

~~<p>The public pension system for state and county workers would have been about 95 percent funded had the state not diverted money from the fund in decades past, the pension administrator said this week.</p>
<p>The state and counties pulled out $1.687 billion in investment returns from the public pension fund through the past decades to use for such things as pay raises, social programs and various projects.</p>
~~

The public pension system for state and county workers would have been about 95 percent funded had the state not diverted money from the fund in decades past, the pension administrator said this week.

The state and counties pulled out $1.687 billion in investment returns from the public pension fund through the past decades to use for such things as pay raises, social programs and various projects. Login for more...