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Bailey’s leadership role
expands to state pension policy committee
Rep. Barbara Bailey
has
been selected by House Speaker Frank Chopp to serve as a member of the
Select Committee on Pension Policy. The committee, which was created in
2003, studies state pension benefit and funding policies and issues, and
also has the power to appoint or remove the state actuary.
"I’m very excited to be appointed to this committee and to provide a
voice for my constituents on issues related to retirement and pension
policies," said Bailey, R-Oak Harbor.
"We have some major challenges facing this committee, including future
funding of pensions for retired state employees. During this last
session, the Legislature delayed state pension funding to balance the
state’s budget. That money should have been invested for retirees.
Instead, it ended up in the general fund. That’s just not right," said
Bailey. "Nearly 60 percent of current state employees may be retiring
within the next 10 years. As a result, there will be a lot of pressure
in the future on our pension system."
A member of the House
Appropriations Committee, Bailey said she will be in a unique position
to work for positive changes in the funding of pensions and policies
regarding pension benefit issues.
"The Legislature’s way of funding state pension systems has created a
bow wave of liabilities into the future. Those liabilities will become
increasingly larger if we continue with those policies," noted Bailey.
"We need to take care of those responsibilities rather than redirecting
that money to grow other state government programs."
Although pension funding is an important issue, as a member of the
committee, Bailey said her attention will also be focused on management
of state pensions.
"It will be challenging as we look at issues of retirement benefits,
keeping costs under control, and ensuring proper funding for our pension
system," noted Bailey. "I’m pleased that I have an opportunity to work
in this area, which is very critical in planning for the future of our
state and its retirees."
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For more information, contact:
John
Handy, Assistant Director: (360) 786-5758
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