Utah lawmakers look to bolster retirement fund

Utah lawmakers look to bolster retirement fund



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SALT LAKE CITY (AP) -- Utah lawmakers are looking at ways to bolster the state's public employee retirement fund, including possibly requiring employees to pay into their fund for the first time in two decades, raising the retirement age or reducing the benefits paid out to retirees.

The state's retirement fund went from turning a $1 billion profit in 2007 to suffering almost $4 billion in losses last year.

The state is now left with 84 percent of the assets it needs to fully fund its projected liabilities.

Nearly 156,000 current public employees and retirees participate in the state retirement system.

Sen. Dan Liljenquist, R-Bountiful, Senate chairman of the committee overseeing retirement issues, says lawmakers hope to hear recommendations for the fund in September so they can come up with a solution by the time the Legislature convenes in January.

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Information from: The Salt Lake Tribune

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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