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July 31, 2010

Baldacci: Don't politicize pension shortfall

The Associated Pres

PORTLAND — Maine Gov. John Baldacci says the shortfall in the state's pension obligation is a real problem. But he's warning against letting it get blown out of proportion in the heated political season.

In his weekly radio address, Baldacci said today the state worker pension system grew from 33 percent to 68 percent of necessary funding between 1992 and 2009. He says that funding shortfall remains, however, and the economic decline sapped investment earnings, making the problems worse.

But he warned against allowing the growing problem to be "manipulated for political or partisan reasons."

He also says that changing benefits for state workers would not solve the debt problem. Maine changed the Maine Constitution in 1995 to require the state to pay its obligations in full.

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