We’ve heard a lot of lame excuses for bad policy choices, but this one takes the cake. It looks as though West Virginia Teachers’ Retirement System is in big trouble because they were counting on something to happen that didn’t: Mountaineer state teachers simply aren’t dying fast enough.
From The Charleston Gazette:
One [mistaken] assumption projected a huge spike in mortality rates of retired teachers, beginning at age 80. In other words, the 1983 study assumed most retirees would die in their 80s, reducing demand on the pension fund&’that’s not happening,’ Mandel said.
We’ve heard teachers complain that they are underappreciated, but this is ridiculous!