The state’s Independent Fiscal Office projected that state pension costs will climb by 46 percent in this year’s budget and 42 percent in next year’s budget. However, revenue will grow by only 0.8 percent this year and 3 percent annually during the next five years.
The report also notes that by fiscal year 2017-18, pension costs will drive the state towards spending $753 million more than it takes in.
“The increase in pension contributions is estimated to be about $500 million per year for the next several years,” Mark Ryan, deputy director of the IFO told PAIndependent.com
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