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West Virginia reins in public retiree health benefit costs

West Virginia is already reaping benefits from recent efforts to rein in public retiree health benefit costs, officials say. A Wall Street credit rating agency appears ready to praise the state's handling of its last major liability.

By Lawrence Messina | Updated on February 27, 2012

CHARLESTON, W.Va. (AP) — West Virginia is already reaping benefits from recent efforts to rein in public retiree health benefit costs, officials say: They expect to shrink the projected funding shortfall further, by more than $1 billion, and a Wall Street credit rating agency appears ready to praise the state’s handling of its last major liability.

Just a few months ago, the Public Employees Insurance Agency estimated a $10 billion gap between on-hand assets and health insurance coverage promised to teachers and other public workers once they retire. It was one of the largest unfunded liabilities, per-capita, from these non-pension benefits among the states. Such costs are known as other post-employment benefits, or OPEB.

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