How Big Is Your State’s Share of $6 Trillion in Unfunded Pension Liabilities?

How Big Is Your State’s Share of $6 Trillion in Unfunded Pension Liabilities?
"Despite a solid year for investment returns, the unfunded liabilities of state and local government pension plans increased by $433 billion, the most recent estimate from the American Legislative Exchange Council shows.
According to ALEC’s report—which uses more appropriate assumptions on investment returns than the plans use themselves—state and local governments’ unfunded liabilities now exceed $6 trillion.
That’s a whopping $18,676 for every man, woman, and child, or nearly $50,000 for every household in America.
This is bad news for taxpayers in states and localities where government workers have been promised far more in pension benefits than politicians set aside to pay them.
That’s because most states have strong protections for promised pension benefits, meaning there is little prospect of reducing a pension benefit or asking employees to contribute more to it..."
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