Flash Fact: Oregon’s retired PERS members to cost over half a trillion dollars for the next 100 years
Between 2010 and 2109, Oregon’s Public Employee Retirement System (PERS) will pay out almost $600 billion to government employees who have retired as of 2010.
Even if all pension and retirement benefits were removed for non-retired Oregon government employees, Oregonians would still be on the hook for $600 billion to previously retired PERS members.
The payments are currently accelerating in size and will not begin to level out for almost 50 years.
To put this liability into perspective, $600 billion is equal to the entire private gross domestic product (GDP) of Oregon for 2007, 2008, 2009 and 2010.
In other words, Oregonians would need to work for four years and give up the entire value they create to pay for Oregon’s retired PERS members!