According to an article in the Scranton Times, investment returns for the Public School Employees’s Retirement System (PSERS) were half of what was budgeted for the fiscal year ending in June. The lower rate of return means that the pension system’ss unfunded liability increases, Jeffrey B. Clay, PSERS executive director, said during an editorial board meeting with The Times-Tribune on Tuesday. And with returns of 3.43 percent instead of the 7.5 percent the fund budgeted, the loss will eventually need to be covered by additional earnings or an increase in contributions by employees or school districts. PSERS unfunded liability is now $26.5 billion. Click here to read the Scranton Times article.

Source: PLS Eye Opener, Sept. 20, 2012.