A new financial study says Alabama's retirement plan for county circuit clerks is underfunded and doesn't function like a normal pension plan.
The study by Cavanaugh Macdonald Consulting of Kennesaw, Ga., said the fund for circuit clerks has nearly $11 million in assets, but that is only 15 percent of what it needs to meet its future liabilities.
The actuaries said that the state court system provides the bulk of the money each year to pay benefits, and that the retirement program operates primarily as a pay-as-you-go system rather than working off investments.
State pension chief David Bronner, who helps administer the fund, is recommending the Legislature fold circuit clerks into the retirement program for public employees.
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