Proposals to reverse that decision have been introduced with regularity since then, but none have come close to becoming law. This year, unprecedented hiring problems and a shrinking pension liability are changing the equation.
“I think a lot of legislators are starting to realize that when they hear from these chiefs and heads of these departments that this is a real problem,” said Paul Miranda, president of the Alaska Professional Fire Fighters Association. “There has never been a riskless system. There never will be, and right now, we’re the only state without a defined benefit, and that’s biting us hard,” Kiehl said.
Improved investment returns, a $3 billion transfer from savings, and continued annual payments in the state budget shrank the shortfall by two-thirds, to $4 billion, in 2021.it spends on shrinking the gap, and it’s provided additional arguments for those who want to revive pensions.
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