'State Governments Face Unfunded Liabilities of $3 Trillion'

From Morning Call


''All told, state governments face unfunded pension liabilities of $3 trillion or more, or triple the amount estimated by state governments, the report concludes.

The most significant reason for that underfunding "is that investment earnings have fallen far short of what was assumed," the report says. That's been complicated by the fact that "states habitually have skipped or underpaid their ... required contributions" to the tune of about $50 billion.''

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