Under-funded public pension liabilities aren't exactly news, although some of the measures used to calculate the financial condition of state public pensions can give even the best actuaries a headache.

Take, for example, a new report from a group that calls itself State Budget Solutions, which puts the overall funded level of state pensions at a mere 36 percent, based on calculations not used by most of the folks who figure these things out.

As reported by BenefitsPro, SBS, an advocate for state budget reforms of all kinds, uses a different discount rate — 2.734 percent — instead of the one commonly used to calculate the unfunded status of a pension system.

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