In a case of "who are you going to believe, exactly," the news today suggests that some public pensions are in fact well-funded and totally sustainable for the future – though we keep hearing much to the contrary.

The 2012 National Conference of Public Employee Retirement Systems Public Fund Study, which looked at the finances and fortunes of nearly 150 public pension funds across the country, says that things are looking good for those surveyed, both now and in the future.

The participating funds, 84 percent of which were local pension funds, showed an average funded level of almost 75 percent, down a percent from last year, and both short-term and long-term returns suggest improvement in their funded status.

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