When you think of government pension funds going broke, you think New Jersey, Illinois, California, whatever. You don’t think of organisations like the Central Intelligence Agency.
Think again. According to Pensions and Investments magazine, the CIA’s pension plan is going bust. Here’s the story:
The Central Intelligence Agency Retirement and Disability System could go bankrupt by the end of 2012 without an appropriation of $513.7 million, according to a request in the 2012 federal budget.
“Independent actuarial projections show the CIARDS fund going bankrupt by the end of 2012 with an unfunded liability of $6.4 billion,” according to the funding request.
The requested funds reflect the amortized cost of recapitalizing the system over 20 years, according to the budget request.
The system received $291 million in fiscal year 2010, which ended Sept. 30, according to the budget request. Information for fiscal year 2011 was not immediately available.
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