HUGE TAX INCREASES COMING

If you pay taxes or get services, get ready to pay more or get less, thanks to  PERS public employee pension system investment managers and their bad bets during the recession.  The system is contract-bound to fund public employees’ pensions in Oregon.  Because of investment losses, the PERS board has decided to force school districts, cities, counties, and the state to more than double their contributions to government retirees.  On average, now, governments kick in an extra five percent of salaries to PERS.  That will have to go up to about 10.8 percent—on average.  The PERS contributions by some governmental entities will quadruple.  That means huge tax increases or service cuts to fund public employee pensions.  If a 60-year old government employee retired in 2009, he/she would get about $2700 a month.   The PERS board says the inmpact across the state will be in the billions of dollars.

This entry was posted on Monday, September 27th, 2010 at 4:16 pm and is filed under Latest News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.