State of Wyoming Archives: on Social Security

Dave Freudenthal: $48M for state retirement fund, but employees must pay more

The change in the economy compels us over time to require state employees to make a greater contribution to the retirement fund. What I did in my budget was to acknowledge we will need more money. I put aside $48 million. We can figure out over the next year the right structure, the right mix, between added funds from the State and added funds from the employees.

But there are some other assumptions that I think need to be evaluated over the next year. One is that ours is a fixed benefit plan, and we have had a habit of taking a fixed benefit plan and inserting cost of living increases. We need to assess whether that makes sense and whether we need to reevaluate the structure of the plan and the role of the employee.

I do not take grave exception with the proposition state employees are going to have to pay more. What I am worried about is we have headed off on a course of action and do not have a strategy.

Source: Wyoming 2010 State of the State Address Feb 8, 2010

  • The above quotations are from State of Wyoming Politicians: Archives.
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Page last updated: Feb 13, 2018