State pension funds have been under pressure since the stock market tumbled in 2008. The Great Recession forced states to slash budgets as revenues dropped, leaving future liabilities poorly funded and employees wondering if their promised retirement benefits would be paid.
Some states let their pension plans fall behind by delaying payments to the funds. That, coupled with an accelerating rate of retirement as the baby boom generation ages, spelled trouble.
And the data reported by states might not even tell the full story. An SEC commissioner said this year that trillions in unfunded liabilities are being hidden.
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.
