Changes loom for Washington state pension system

This article in The Olympian frames it as the end of an era for state employees in Washington, as the legislature looks at ways to close a multi-billion dollar unfunded liability.

When the stock market crashed in 2001, the drop in the investment returns meant the state and workers were not putting enough money into some plans, and a steep increase in contributions was averted by agreeing to pay more than necessary in the future in exchange for paying less than necessary then.

The unmet need — part of a total unfunded liability of more than $4 billion — has lawmakers anxious to make changes. But unions representing state workers will want something in exchange for giving up programs that benefit their members.