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WV public employee pension system runs in the black, Census Bureau data show

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West Virginia's public employee pension system brought in more revenue than it paid in benefits in 2010, just as the systems in its neighboring states did, according to data released Jan. 26, by the Census Bureau.

The bureau's Annual Survey of Public-Employee Retirement Systems provides revenues, expenditures, financial assets, and membership information for defined benefit public employee retirement systems.

According to the data release, in 2010 the West Virginia pension system earned about $1.2 billion in investment income and received about $742 million in employee and employer contributions, for total revenue of about $1.9 billion. The system paid out about $824 million to 51,733 recipients for an average payment per beneficiary of about $16,000.

That annual benefit was the least among West Virginia and its neighboring states. Those payments ranged from about $22,400 in Kentucky to $27,753 in Ohio.

The data also showed employers in West Virginia's state-run system paid $3.36 in contributions for ever dollar contributed by employees. Only Virginia was higher.

 

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