Madison
46° F
Overcast
Overcast
Advertisement

Public retirees could face 13 percent cut

Published On: Dec 28 2012 09:20:22 AM CST   Updated On: Dec 28 2012 09:23:27 AM CST
MADISON, Wis. -

Retired public employees in Wisconsin could see their monthly payments decrease as much as 13 percent next year.

The Department of Employee Trust Funds says in preliminary estimates that monthly payments to investors in the Wisconsin Retirement System's Core Fund are projected to either remain the same or drop up to 13 percent.

All of the roughly 167,000 people in the system get at least half of their pension in a Core Fund annuity.

Payments from the fund have dropped four years in a row, including 7 percent this year.

The fund's investments are still recovering from a more than 26 percent drop in 2008. Returns are smoothed out over a five-year period.

The exact amount that annuities will be adjusted will be released in March.

Advertisement
  • Talladega crash main

    Jerry Markland/Getty Images

    Talladega Crashfest 2016

    They say people go to auto races just to see the crashes. If so, then they got their money's worth at Sunday's NASCAR Sprint Cup Series GEICO 500 at Talladega Superspeedway in Talladega, Alabama. Officials say 35 of the 40 cars in the race left with some damage.

  • CSX crash 3

    DC Fire and EMS

    Train derails in DC

    A train derailed in Washington, D.C., near a metro station Sunday.

  • PHOTOS: 27 tons of documents destroyed during BBB Shredfest 2016

    The free BBB Shredfest event Saturday offered anyone with documents containing personal information to shred up to three bags. Destroying documents is one way to protect one's identity and thwart fraudsters.

    More than 1,600 cars stopped by two Madison locations from 8:30 a.m. to 11 a.m. Saturday, and 27 tons of documents were shredded, a Better Business Bureau representative said. The sites were at SVA Certified Public Accountants, 1221 John Q Hammons Dr. and Warner Park, 2930 N. Sherman Ave.

Advertisement