FOX47 NEWS - Decrease in State Pension Checks

Jeff Angileri
Nov 3, 2008, 4:09 PM

Retired state government workers are going to see a decrease in their monthly pension check.

For the first time in its 26 year history, the states multi-billion dollar public employee pension fund is about to reduce payments to about 15,000 retirees.

The Department of Employee Trust Funds is also warning school boards, counties, and municipalites that they will have to increase contributions to the pension fund.

These groups contribute about 10.4 percent of their payroll to the Wisconsin Retirement System. In 2010 that figure will likely hit 10.9 percent if the market value of the pension fund falls by 20 percent this year.

About 540,000 current employees and retirees are covered by the fund.

Advertise with us!
Advertise with us!
IE6 Float Fix