Duluth, St. Louis County retirees see six-figure pensions

June 1, 2012 at 1:54 pm

A Chicago-based watchdog group shows that 17 retired city or county workers receive pensions of more than $100,000 a year.

  • “At present, Public Employees Retirement Association of Minnesota (PERA) is only 76 percent adequately funded to meet its future commitments. The system would need another $4.4 billion to become fully funded.”
  • “Solvency – or the assurance that 100 percent of potential pension payouts have money behind them – is mandated by state law by 2031. PERA is on track to reach that goal….”
  • According to David Montgomery, chief administrative officer for the city of Duluth: “Minnesota is not the worst out there, by far. But there is an issue… It’s not an imminent, crisis-tomorrow issue, but if you let it go, the less time you have to make up any shortfall. And time is your best friend to make the impact of any change more moderate.” 

From the Duluth News Tribune, April 22, 2012

Read the article.

Entry filed under: Featured Articles.

MNDOT’s New Corridor Investment Management Strategy (CIMS) Editorial boards across the state continue to support NAIOP’s expenditure type reporting proposal

For more information about NAIOP Minnesota, visit www.NAIOPMN.org.

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