State pension funds have been under pressure since the stock market tumbled in 2008. The Great Recession forced states to slash budgets as revenues dropped, leaving future liabilities poorly funded and employees wondering if their promised retirement benefits would be paid.
Some states let their pension plans fall behind by delaying payments to the funds. That, coupled with an accelerating rate of retirement as the baby boom generation ages, spelled trouble.
And the data reported by states might not even tell the full story. An SEC commissioner said this year that trillions in unfunded liabilities are being hidden.
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