There seems to be some confusion about the state of Rhode Island’s unfunded liability for retiree health care.
The shortfalls are $774.8 million for state employees; $80.3 million for state police; $50.6 million for the board of governors; $9.5 million for teachers; $1.8 million for judges; and about $1,000 for the General Assembly. Those numbers come from the latest draft valuation by actuaries Gabriel, Roeder, Smith & Co.
Put it all together and the total unfunded liability for all six groups combined is $916.8 million as of June 30, 2011, up from $822.3 million last time. Again, that’s the state-level shortfall for OPEB (“other post-employment benefits”), which is separate from pensions. (The municipal OPEB shortfall is more than $3 billion.)
• Related: RI taxpayers to pony up $48m for retiree health in 2011 (April 28, 2011)