The State Treasurer says government workers and taxpayers will have to contribute more to put the Iowa Public Employees Retirement System — known as IPERS — back on solid financial footing.State Treasurer Michael Fitzgerald says IPERS is about 90 percent funded. Fitzgerald says the current two-point-one billion dollar problem will grow and become “unmanageable” unless the Governor and the Legislature do something quickly. Fitzgerald says if this went to court, the state, school districts, cities and other governments would “be on the hook” to cover the shortfall. He says workers are offering to help by contributing more if the state and other governments contribute more, too. Fitzgerald says current retirees who’re getting checks from IPERS won’t see their benefits change. Fitzgerald says retirees can sit pretty comfortably for the next 20 years. He says it’s current workers who would get the short end of the stick if things aren’t corrected.Fitzgerald says state and local governments need to step back and examine their pension policies, but like businesses are doing. Fitzgerald says going forward, this is going to continue to be a huge issue.Fitzgerald made his comments during taping of the Iowa Public Television program, “Iowa Press” which airs tonight.
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