California, Illinois on Brink of Pension Crisis; New Actuarial Rules Will Force States to Admit Problems

Mish's Global Economic Trend Analysis: California, Illinois on Brink of Pension Crisis; New Actuarial Rules Will Force States to Admit Problems:
"Many states, especially California and Illinois, have had severe pension underfunding problems for many years.
However, new actuarial pension rules will finally force states to admit the problem. Thus, it should not be surprising that talk of "technical bankruptcy" and “service insolvency” is growing."