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PUBLIC PENSION UPDATE: Cost of retired state worker health, dental care puts California at risk. ?

By Glenn Reynolds

PUBLIC PENSION UPDATE: Cost of retired state worker health, dental care puts California at risk.

And, in West Virginia:

FOR a quarter of a century, state and public school employees in West Virginia were told that they could trade unused sick leave for health insurance premiums once they retired. Legislators past didn’t bother to calculate what that would cost.

Now a change in federal accounting rules is forcing state agencies and the 55 county school boards to face up to the expense of what are called Other Post-Employment Benefits.

Wood County School Superintendent Bill Niday said his county will have to set aside $12 million for these benefits by the end of 2010.

“What you have is a bare-bones, no-frills budget as a result of the OPEB issue,” Niday told the Parkersburg News and Sentinel. “Next year will be at a deficit. There is no question. There is no way out.”

This problem is popping up everywhere.

Full post as published by Instapundit.com on May 03, 2009 (boomark / email).