State Argues for Billions in Pension Suit

State Attorneys are explaining in court on Wednesday their $11 billion lawsuit against the company giving actuarial advice when the state’s shortfall in pension funding arose. The state claims that Mercer, Inc. was guilty of malpractice, breach of contract, fraud and misrepresentation while it was under contract to calculate the amount of money that employers should contribute to their workers’ retirement plans.  Mercer says the state is incorrectly blaming the company for investment losses, increases in health care costs, and decisions made by the retirement board that counteracted its advice.

Dave Donaldson, APRN – Juneau

Download Audio (MP3)