JUNEAU, Alaska (AP) - Gov. Sean Parnell says it’s time to tackle the state’s nearly $12 billion pension deficit.
In his State of the State address Wednesday night, Parnell repeated his pitch for transferring $3 billion from savings toward addressing the unfunded pension liability.
He says by doing this, the state will be able to reduce its annual escalating payment, on a pace to top $1 billion before dropping, to about $500 million a year.
Parnell says this plan will dramatically drop future operating budgets and put the state on a more sustainable financial path.
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