Audit Shows Insurance Costs Jump $143 Million For State Workers
A new audit from the Legislative Audit Bureau shows that the cost for insurance for former state of Wisconsin workers jumped by almost $143 million in the past year, now costing more than $680 million annually. The total liability for the program was $682.5 million as of June 30, 2019, compared to the almost $540 million in 2018. While taxpayers don’t directly pay the premiums for retirees, the audit states taxpayers do subsidize them. The average Wisconsin retiree earns roughly $20,758 in annual pension payments, while some retired state workers earn nearly $200,000 per year. The audit notes that the costs for retiree health insurance could go up, depending on factors such as enrollment and the state’s discount rate.