Pension liabilities for 31 of the 50 largest local government entities increased in 2013 according to a newly released annual report on the sector by Moody's.
Combined, the 50 pensions' aggregate liabilities increased 14 percent in fiscal year 2013, from $320 billion to $365 billion.
The largest local governments are defined by their total outstanding debt. Los Angeles' pension liabilities increased $13 billion over the year, to reach $32.3 billion, the largest year-over-year increase, which was driven by a 154 decrease its discount rate, according to Moody's report. Decreasing discount rates increase the cost of projected pension liabilities.
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