Report: State pension funding gap at $1.2 trillion
October 7, 2016
State-run pension systems across the country were underfunded by $1.2 trillion last year and are expected to be in even worse shape in the years ahead, according to a report released Thursday from a top credit rating agency.
Moody's Investors Service said it expects the gap to hit $1.7 trillion with the next round of state audits, largely because investment returns have been far below expectations for the funds.
The report is among the first to aggregate state government pension liabilities under new accounting rules that are intended to provide a more accurate picture of the funds' fiscal hea...
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