(Bloomberg) — Public pension promises are apparently made to be broken.
In Kansas, Michigan, New Jersey, New York and even top-rated Maryland, states and localities have shortchanged payments to retirement plans as rallying stocks ease the funding pressure while services such as schools and crumbling infrastructure scream for resources.
The insufficient contributions have led to $1.3 trillion of unfunded liabilities, leaving states and cities struggling to catch up with retirement pledges that in some cases were made decades ago. Skipping payments only raises the cost down the road.
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