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Auditor General warns pension distress rising; advises strict minimum contributions
Summary
The Auditor General told lawmakers municipal pension plans remain a top fiscal concern, reporting prior stress levels and urging required minimum contributions and prudent investments to reduce risk.
Representative Malagari and others asked about municipal pension health and the administration of Municipal Pension State Aid (Grama). Auditor General Timothy DeFoor said when he began reviewing municipal plans about a third (33%) were in some form of distress; that figure fell to about 22% after COVID-era federal aid, but DeFoor said the number is increasing again.
DeFoor emphasize…
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