A group of individuals known, among other professional achievements, for their involvement in pension reform activities has launched a new organization "focused on helping state and local governments meet their pension obligations and avoid insolvency."

The Retirement Security Initiative is billed as a national bipartisan advocacy organization, and numbers among its leaders Dan Liljenquist, former state senator from Utah; Richard Ravitch, former lieutenant governor of New York; Chuck Reed, former mayor of San Jose; Lois Scott, former chief financial officer of Chicago; and Jim Spiotto, managing director at Chapman Strategic Advisors and financial restructuring expert.

Aggregate 50-state liabilities stand at $1.3 trillion, according to Moody's Investors Service, and several states are having difficulty in meeting their obligations.

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