Oregon officials face truth behind state’s soaring public pension costs

Ted Sickinger:

Bad enough that Rukaiyah Adams, the normally polished investment professional who is vice chair of the Oregon Investment Council, broke down in tears last week as she spoke of passing a record $22 billion in unfunded promises to future taxpayers.

“My call to the Legislature and to the governor is for leadership on this, and I mean right now,” Adams said during last Wednesday’s joint meeting of the Oregon Public Employees Retirement System board and the citizen panel that oversees its investments. “This is becoming a moral issue. We can’t just talk about numbers anymore.”

The numbers are bleak. Oregon’s pension system owes billions of dollars more to retirees than it has, and the last major attempt to fix the problem was shot down in courts.

This month, cities, school districts and others will find out how much more they’ll pay to help prop up the system. Higher pension costs could come at the expense of funding for other needs, including social services, infrastructure investments and education programs.