Most states do a poor job of making long-term budget plans and one place they often fail is in considering the funding needs of their public pension systems, a report from the Center on Budget and Policy Priorities said.
The center, a Washington, D.C., think tank that focuses on tax and budgeting policy, said state lawmakers need to have strict oversight of pension funds and their future liabilities to accurately calculate annual contributions.
The center noted that the budget process does not end when a bill outlining expenditures is signed into law. States need to create ways to regularly check on pension obligations and liabilities and other long-term expenses for roads and other infrastructure projects to ensure funding obligations are met.
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