The Pension Crisis

January 21st, 2011 - 7 Comments

Ron Gebhardtsbauer, head of Smeal’s Actuarial Science Program (which was recently named a Center of Actuarial Excellence by the Society of Actuaries), was on Penn State’s public radio station, WPSU-FM, this morning discussing the underfunded pension problem facing Pennsylvania and many other state governments. According to an NPR report from last year, Pennsylvania’s unfunded pension liablities are expected to exceed $55 billion. And Gebhardtsbauer says a lot of other states are worse off.

Harrisburg recently made changes to the Pennsylvania pension system, cutting benefits and raising the retirement age. These changes only affect new workers, but Gebhardtsbauer thinks that they’re a good step in the right direction to ease the state’s current pension crisis.

You can listen to his complete interview online here.

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7 Responses to “The Pension Crisis”

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