[Mpls] Minneapolis teachers' pensions evaporate...(today's Strib)

[David Brauer]

Vicky notes:

> The fund has a $851 million gap between assets and its obligations to pay
> current and future pensions, as of last June 30. That's up $126 million
from
> a year earlier, the biggest jump ever.
> 
> Minneapolis lags well behind the three other public teacher pension plans
in
> Minnesota. St. Paul's plan is 72 percent funded, while Duluth's is 92
> percent. The statewide plan covering the rest of the state's public
teachers
> is fully funded."

Also from the story:

Officials overseeing the Minneapolis fund blame inadequate state
contributions for its conditions. They say that the deficit was only $76
million when the state took over the employer's contribution in 1975.

Look for a longer analysis of the teachers' pension problem in the upcoming
Southwest Journal...it's not as simple as some make out...

David Brauer
Kingfield