At the state level, there are major differences in public pension funding. It can be as low as $73.6 million per year all the way up to $4.2 billion; it depends on the state. (Photo: Shutterstock)

There's a lot of angst over the funding of state and municipal pensions, a 24/7 Wall St. report reminds us.

While most private-sector workers are offered only defined contribution plans, which don't necessarily provide a steady income during retirement unless they offer some sort of annuity option (few do), it's a different matter for most public employees, who are looking forward to a guaranteed income when the time comes to retire. Only 19 percent of private-sector workers get such a plan these days.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.