Pension liabilities for 31 of the 50 largest local government entities increased in 2013 according to a newly released annual report on the sector by Moody's.
Combined, the 50 pensions' aggregate liabilities increased 14 percent in fiscal year 2013, from $320 billion to $365 billion.
The largest local governments are defined by their total outstanding debt. Los Angeles' pension liabilities increased $13 billion over the year, to reach $32.3 billion, the largest year-over-year increase, which was driven by a 154 decrease its discount rate, according to Moody's report. Decreasing discount rates increase the cost of projected pension liabilities.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
