Most states do a poor job of making long-term budget plans and one place they often fail is in considering the funding needs of their public pension systems, a report from the Center on Budget and Policy Priorities said.
The center, a Washington, D.C., think tank that focuses on tax and budgeting policy, said state lawmakers need to have strict oversight of pension funds and their future liabilities to accurately calculate annual contributions.
The center noted that the budget process does not end when a bill outlining expenditures is signed into law. States need to create ways to regularly check on pension obligations and liabilities and other long-term expenses for roads and other infrastructure projects to ensure funding obligations are met.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
