(ABC 5/WOI-TV) – DES MOINES, Iowa (AP) — A new report says Iowa’s public pension system remains in strong fiscal health.
The analysis from the Iowa Policy Project was released Thursday. The report says the funds serving over 340,000 current, former and retired public sector workers in Iowa are in good financial shape. Plan participants include state and local government workers.
According to the liberal think tank’s report, the system took a financial hit over the past decade due to stock market losses. But the state has made some benefit rule changes in recent years, including giving the pension system more power to adjust contribution rates.
The latest actuarial review of the pension system shows that the state has 81 percent of the assets needed to pay projected benefits. That means they are currently short about $5.8 billion.