While more than 40 states have enacted some type of pension reform since 2011, some are still in dire straits, bringing the net pension liability into the trillions.
Moody's Investor Services estimates that the liability increased 24 percent, from $998 billion in 2011 to $1.2 trillion in 2012, the latest available data with audited results.
In addition, a 2013 report by the Nelson A. Rockefeller Institute of Government said some economists estimate both state and local pension liabilities could be as high as $4 trillion.
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