States who defer making contributions to cash-strapped public pension funds spend billions on tax subsidies while politicians look to employees for the money needed to shore up the retirement systems, an examination of 10 states found.
Good Jobs First, a non-profit, non-partisan research center that focuses on accountability in economic development, chose states facing underfunded pension plans that are generating controversy.
"We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states," the report stated. "In some cases the differences are enormous."
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