Question:  What happens if after 40 years we have not fully paid off our liability?

Answer:

Under current law, any liabilities remaining at the end of the 40-year amortization period will continue to be payable. Payments will continue on a monthly basis until full payment has been made. However, it is probable that before the end of 40 years the Legislature will pass new laws that will have an impact on prior service liability, contribution rates, and the amortization period.