TALLAHASSEE, Fla. (AP) — The stock market decline that began nearly five years ago is not to blame for Florida cities' underfunded pension systems, a Florida State University think tank said in a report Wednesday.
The university's LeRoy Collins Institute conducted the study to follow up on a "report card" it issued last year on pension plans in Florida's 100 largest cities, giving grades of D and F to a third of those municipalities.
Florida League of Cities legislative counsel Kraig Conn noted at the time that the report card was based on data from 2009 when the stock market was still depressed.
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