Rockefeller Center Direct Line - Winter 2011
In years with Presidential or Congressional elections, we typically turn our attention to public policy at the national level. But many of the most pressing problems are occurring at the state and local level. An example is the underfunded status of many defined benefit pension plans for state and local public sector workers. According to a recent study by economists at Rochester and Northwestern universities, state-sponsored pension plans have unfunded liabilities of over $3 trillion and municipal plans have unfunded liabilities of over $500 billion when properly valued.
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