State’s Retiree Health Fund In Sick Shape
North Carolina lawmakers have for years been violating the state’s constitutional balanced budget requirement by playing funny money tricks with employee salaries and promised benefits, leading to a $32 billion shortfall for the state’s retiree health fund and adding at least an extra $3 billion in real-time money to this year’s projected $3 billion budget gap.
That’s the grim picture laid out by Carolina Journal’s Anthony Greco, who reports that it would take annual payments of $3 billion a year for 30 years to fix the mess.
The money quote from Rep. Dale Folwell, on the state’s retiree health benefit fund: “It’s not just on life support, it’s basically bankrupt.”
You know, like the state in general.
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