With Nebraska needing to find $253 million during the next four years to fulfill retirement obligations of 108,000 people, the direction offered by the Nebraska Retirement Systems Committee will be watched closely.
District 2 State Senator Dave Pankonin of Louisville is chairman of that committee.
The Cassgram reports that in his weekly update to the district, Pankonin says the purpose of that committee "may be less clear" than other committees. "The Committee studies legislative proposals and manages bills that affect retirement systems that have been established by the state of Nebraska or its political subdivisions.
The Committee has jurisdiction over three administrative entities, which manage retirement plans for the state and the laws that govern them."
Due to the steep decline in financial markets, updated projections of the state’s obligations for retirement plans were requested.
"The state of Nebraska has a long tradition of meeting its obligations to state-administered retirement plans," says Pankonin. "Even with the recent steep decline in financial markets, current retirees will continue to get their retirement payments.
During these uncertain times, state government will work with retirement plan representatives on long term sustainability issues.