As in the Evergreen Freedom Foundation's Amber Gunn when she wrote about the GASB 45 'Big One' coming back on 5 Sept.  Now, the state of Washington's public pension crisis has just hit a big bump.  From today's Olympian - hat-tip Orbusmax:

. . .

The Pension Funding Council should move down the expected rate of return on the pension fund to 7.75 percent per year, State Actuary Matt Smith suggested Tuesday.

The switch would require an extra $87 million in payroll contributions from public employees in the next two-year budget.

It also would require an extra $259 million in contributions to the pension fund from the state and local governments.

That's because lower expected returns on the investments in stocks, bonds, real estate and other holdings means more money must be put in now to pay for future retirements.

If the state doesn't lower expectations, however, it may have to make larger payments in the future to make up for the lost earnings. It already owes $5 billion in its oldest pension plans.

. . .

There's also another $7 billion in other-than-pension assistance the state will owe over time.  But of course when the spendthrift party-of-government (a.k.a. Democrats, Democratic Party) is in charge, don't expect this gap closed anytime soon.  What we need and deserve is a priorities of government matrix that has this issue at the forefront now - not when its too late.  We all know Tim Eyman will put any general tax increase up for a vote (and likely veto), which will result in prolonged litigation… while seniors are unable to care for themselves and be cared for.  Ignoring this (arguably geeky) issue is neither compassionate nor in the people's best interests.

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