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State Workers and Taxpayers Would Pay More Under Candidate’s Plan

DES MOINES, Iowa– Sam Clovis, a Republican running for state treasurer, believes both state workers and taxpayers will ultimately need to pay more to better secure Iowa’s pensions system.

A consultant recently found the state’s retirement plan for 325,000 workers is nearly $6 billion short. That puts it at 80% funded, down substantially from 97% funded a decade ago.

Clovis said, “We’re going to have to ask for a higher contribution for the employers. We’re going to have to pay more. I think also we’re going to have to start to have more pay down and it has to be a deliberate effort on the part of our general assembly to set aside money to start buying down this debt.”

Lawmakers already agreed on a host of changes last year that increased employee contributions, extended the time they need to get vested in the program and changed the way the state computes their pension amount.


Filed in: News, Politics

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5 comments

  • Randy Graven

    yeah imagine that-97% funded 10 years ago under which governor? Down to 80% now and the taxpayers have to make it up under which governor? Fiscally responsible my a** Who’s the tax-and-spend?

  • Dan

    It couldn’t be because of the caps and early retirement, could it? Must be a school teacher with all the facts.

    • BrutallyHonest

      I second that! Not my problem that a state worker won’t have as much of a pension. I do not see why any normal tax payer should be burdened with paying more taxes for someone elses pension. I have my own retirement to TRY and save for, I cannot afford to pay for someone elses retirement.

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