Could it be that state and local public pensions are even worse off than previously imagined?
State Budget Solutions, a nonprofit calling for fundamental reform of state finances, conducted its own analysis and found that the average public employee pension plan is only 41 percent funded, while total unfunded liabilities as of 2011 are at least $4.6 trillion.
"Our country is trillions of dollars in debt, and this is a hole that will overtake local and state governments if immediate action is not taken," said Bob Williams, SBS president. "There is no option for status quo or incremental adjustments. Drastic reforms, innovations and political courage are needed to put our states and municipalities back on the path to fiscal survival."
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