Paying more for pensions

Berit Anderson

Berit Anderson Jul 5, 2025

Feb 6, 2018

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                <h1>Paying more for pensions</h1>
                <h2><p>As state retirees live longer, rising pension costs are pushing the state to seek additional funding options. On Monday, the Pension Funding Council voted to increase the pension contribution requirements from state workers as well from state and local governments, The Olympian reports. The state will have six years to</p></h2>
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               <p>By <a href="/author/berit-anderson-crosscut-com/">Berit Anderson</a></p> 
              <p><time datetime="2025-02-04T05:00:00-08:00">Feb 6, 2018</time></p>
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            <p>As state retirees live longer, rising pension costs are pushing the state to seek additional funding options. On Monday, the Pension Funding Council voted to increase the pension contribution requirements from state workers as well from state and local governments, <a href="http://www.theolympian.com/2014/07/28/3245714/pension-council-sets-contribution.html?sp=%2F99%2F101%2F112%2F123%2F&ref=dev.cascadepbs.org">The Olympian reports. </a>The state will have six years to ramp up its pension investments, even as it struggles to find sufficient funds for schools to adhere to the McCleary court decision. Budget writers will have to carve out $100 million toward increased pension contributions in the 2015-17 biennium, according to House Appropriations Committee chairman Ross Hunter, D-Medina. Starting next July, rates for workers in the Public Employees’ Retirement System 2 will bump up to 6.12 percent from 4.92 percent, and rates for Teachers’ Retirement System will grow from 4.96 percent to 5.95 percent. — M.L.</p>
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As state retirees live longer, rising pension costs are pushing the state to seek additional funding options. On Monday, the Pension Funding Council voted to increase the pension contribution requirements from state workers as well from state and local governments, The Olympian reports. The state will have six years to ramp up its pension investments, even as it struggles to find sufficient funds for schools to adhere to the McCleary court decision. Budget writers will have to carve out $100 million toward increased pension contributions in the 2015-17 biennium, according to House Appropriations Committee chairman Ross Hunter, D-Medina. Starting next July, rates for workers in the Public Employees’ Retirement System 2 will bump up to 6.12 percent from 4.92 percent, and rates for Teachers’ Retirement System will grow from 4.96 percent to 5.95 percent. — M.L.

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By Berit Anderson

Berit Anderson was Managing Editor at Crosscut, following tech, culture, media and politics. She founded Crosscut's Community Idea Lab.   Previously community manager of the Tribune Company’