The story begins to creep out:
Officials with the Maine Public Employees Retirement System announced earlier this month their projections for how much the state will have to pay to maintain the system for current employees plus pay down past debts. All told, the cost to the state in the 2012-13 budget will be $916 million, which is $287 million more than in the current biennium. The cost is scheduled to increase significantly every year until 2028, which is when the past debts are required to be paid by the Maine Constitution. By 2020, according to that schedule, payments by the state will top $800 million a year. Retirement fund plagues budget, BDN, 7/24/10
Does anyone want to bet that the figure of $800 million is accurate? Stick around and see!
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