The news of late regarding state and local pension plans has been a tale of woe. Many jurisdictions are under a mountain of debt and struggling to fund their fiscal obligations to retired state employees.

New research from Morningstar indicates just how widespread the problem is at the state level. In a report, "The State of State Pension Plans 2013," Morningstar indicates that 26 states are failing to adequately fund their pension liabilities.

"While some states are adequately managing their pension liabilities, the majority of state pension systems are coming under duress," the report states. "The fiscal solvency and management of these plans varies greatly…"

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