(Bloomberg) — Public pension promises are apparently made to be broken.
In Kansas, Michigan, New Jersey, New York and even top-rated Maryland, states and localities have shortchanged payments to retirement plans as rallying stocks ease the funding pressure while services such as schools and crumbling infrastructure scream for resources.
The insufficient contributions have led to $1.3 trillion of unfunded liabilities, leaving states and cities struggling to catch up with retirement pledges that in some cases were made decades ago. Skipping payments only raises the cost down the road.
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.
