PERSI benefits, 11th lowest in nation, due for 1% COLA, lawmakers told

Here’s a news item from the Associated Press:  BOISE, Idaho (AP) — About 33,000 Idaho state and local government retirees are due to get a 1 percent cost-of-living increase in their benefit payments. State pension fund director Don Drum told the Senate Commerce Committee on Thursday the hike is required by law, since the inflation index Idaho uses rose by more than 1 last year. Drum says the fund’s asset value has risen to $11.7 billion, more pre-2008 financial crisis levels. That’s 88 percent of its total liabilities, and Drum says financial managers predict they’ll will be able to invest their way out of a $1.4 billion unfunded liability. That’s good news for current government workers and the state, because they’re less likely to face increases in contributions. Idaho’s average pension benefit is $1,340 monthly — or 11th lowest in the nation.