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Promises Made, Promises Broken 2014: Unfunded Liabilities Hit $4.7 Trillion

State Budget Solutions | by Joe Luppino-Esposito | November 12, 2014

State Budget Solutions' latest research reveals that state public pension plans are underfunded by $4.7 trillion, up from $4.1 trillion in 2013. Overall, the combined plans' funded status has dipped three percentage points to 36%. Split among all Americans, the unfunded liability is over $15,000 per person. 

 

Auditor General Concerned About Underfunded State Pensions

CBS Pittsburgh | June 6, 2014

"The crisis is that if we don't tackle this issue, we are going to have either massive tax increases, or we're going to have layoffs of our police and fire personnel," Auditor General Eugene DePasquale said. "And the No. 1 job of local government is public safety."

Kentucky City Sues State Pension System Over Risky Investments

WFPL.org | June 4, 2014

A Kentucky city is suing the state's public pension system over its investment of county employees' retirement money into "risky" hedge funds.

Christie's pension plan could trigger another downgrade, S&P warns

NJ.com | June 3, 2014

Gov. Chris Christie's plan to cut funding for public-worker pensions means New Jersey's debt could be downgraded again sometime in the next three months, a Wall Street credit-rating agency said today in a note to investors.

Kentucky spends $1.2 million fighting Seven Counties over pensions

WDRB.com | June 3, 2014

U.S. Bankruptcy Judge Joan A. Lloyd ruled the Louisville-based mental health agency can ditch the pension system and its rapidly escalating costs through the bankruptcy process. Kentucky Retirement Systems, which oversees the main pension plan for state workers, wanted the court to force Seven Counties to keep paying into the system.

How big are the savings from the state's pension overhaul?

The Chicago Sun Times | June 2, 2014

If implemented, Senate Bill 1 lighten Illinois' load by 25 percent, but the state would still be responsible for $78.9 billion in pension debt. Senate Bill 1 includes a schedule to fully fund the state's retirement systems by 2045.

 

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The Williams Report Launches

SBS President Bob Williams compiles the recent developments in state budgets and pensions on a weekly basis.  SBS has now combined those three updates into The Williams Report, a comprehensive overview of the latest headlines and information from all 50 states.

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