California controller warns of $72 billion unfunded retiree benefits

(Reuters) - California State Controller John Chiang warned on Tuesday of a growing $71.8 billion unfunded liability to cover the state's retiree health and dental benefits. The cost is up $7.2 billion from 2013, in part due to new mortality assumptions that men live two years longer than previously anticipated and women live up to 1.8 years longer. The retiree healthcare liability has been a priority for Chiang, who began writing about the issue in 2007 when the unfunded cost was $47.8 billion. ...



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