W.Va. Senate Ready To Tackle OPEB Costs

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- County school boards and other government employers would get a break from what they must pay each year toward retiree benefits, as part of the state senate's plan for closing a huge funding gap from these costs.

The pending legislation would also delay retirement for future teachers and public employees by five years from the current minimum, to age 60.

Other bill provisions would cap retiree health subsidies at $150 million.

Both the senate and house of delegates have been studying what to do about the multibillion-dollar liability from other post-employment benefits or OPEB.

These mostly reflect retiree health coverage costs.

The proposal arrives just as a new study calculates a $1 trillion funding gap for public retirement costs nationwide.

(Copyright 2010 by the Associated Press. All rights reserved.)

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