The Central Intelligence Agency Retirement and Disability System could go bankrupt by the end of 2012 without an appropriation of $513.7 million, according to a request in the 2012 federal budget.
“Independent actuarial projections show the CIARDS fund going bankrupt by the end of 2012 with an unfunded liability of $6.4 billion,” according to the funding request.
The requested funds reflect the amortized cost of recapitalizing the system over 20 years, according to the budget request.
The system received $291 million in fiscal year 2010, which ended Sept. 30, according to the budget request. Information for fiscal year 2011 was not immediately available.
The size of the system's assets and liabilities were not immediately available.
CIA spokesman Preston Golson declined to reveal the size of the assets or liabilities of the pension plan, or the location of the fund.
“The CIA cannot address your specific questions because details associated with the CIARDS budget are classified,” Mr. Golson said in an e-mailed response to questions.
We didn't see that coming.