In a move that has sparked concern among state employees and retirees, Governor Josh Stein has proposed a budget that, for only the second time in nearly a century, does not fully fund the state's retirement system, causing a potential $206 million shortfall over the next biennium. State Treasurer Brad Briner expressed his disappointment, stating, "We are disappointed the Governor is proposing for only the second time in 83 years to not fully fund our state’s retirement system," according to a recent press release from the State Treasurer's Office. The proposal was presented to lawmakers earlier today, raising questions about the well-being of public servants upon retirement.
Treasurer Briner emphasized the seriousness of the issue and the potential impact this budget proposal could have on individuals relying on these funds for their retirement. He is confident that state legislators will address this shortfall with the gravitas it deserves, given the role of the state retirement system in securing retirees' futures. The Treasurer highlighted the long-standing tradition of full funding as a critical aspect of this social contract—a tradition now seemingly at risk. He expressed confidence that legislative leaders will give greater consideration to the needs of the state’s retirees.
The state's retirement system is a bedrock for the financial security of its retired government workers, and the news of the potential underfunding has quickly become a topic of concern for both current employees and retirees alike. The budget, now in the hands of the state’s lawmakers, will be subject to debate and revisions before a final version is approved.
