Audit questions long-term viability of state pension fund

Published: Tuesday, Feb. 26 2013 3:05 p.m. MST

Basically, Dougall's analysis doesn't square with the analysis done by the retirement system's actuaries and accountants.

"It's hard for us to second-guess the actuaries, but it appears that we are still probably in the realm of reason at 7.5 percent," Valentine said.

House Speaker Becky Lockhart, R-Provo, said she doesn’t expect action to be taken on the audit this session.

"I'm not sure we need to make adjustments this session," Lockhart said. "But it's great information to have moving forward."

House Majority Assistant Whip Don Ipson, R-St. George, said at some point, more funding may be needed "to keep that viable. It doesn't mean the end is less secure. It just means … that the less we earn on it, the more of our own money we'll have to put in to keep those promises."

Senate leaders feel strongly about subjecting URS to GRAMA and the open meetings law.

On that issue, Andersen said URS plans to work with Bramble over the next year to define how the system could be more open.

Dougall, who as a lawmaker ran a controversial bill that would have gutted GRAMA, said it's important for public employees to have access to their retirement system.

"If I were a state employee, I'd want to make sure there's more transparency to the information that goes into the assumptions of rates of return, so they understand whether there's solvency concerns to the pension or not," Dougall said.

Contributing: Lisa Riley Roche

E-mail: romboy@desnews.com

Twitter: dennisromboy

Get The Deseret News Everywhere

Subscribe

Mobile

RSS