Considering the sorry state of state and local pensions, it’s hardly surprising that last month the attractiveness of using annuity products to smooth out their liabilities saw its largest monthly increase since 2011, as reported by the Dietrich Pension Risk Transfer Index.

The index, which tracks the relative appeal of annuitizing pension liabilities, increased from June’s value of 88.92 to 93.54 as of July 1. The index’s current annuity discount rate proxy of 3.07 percent rose nearly 70 basis points since May. 

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