Defined Benefits

States need to regularly check on pension obligations and liabilities and other long-term expenses to ensure funding obligations are met, said a report.

The draft plan given to creditors this week by Emergency Manager Kevyn Orr offers different recovery rates for classes of unsecured creditors.

We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.

The bankruptcy last year of the maker of Twinkies and other treats left the benefits of more than 700 participants in the Baltimore-based Bakery and Sales Drivers Local 33 Industry Pension Fund imperiled.

The 45-year-old Democrat, a former equities analyst, this month appointed a commission to evaluate how investments are made for North Carolinas $83 billion public pension, the nations 10th largest.

State Streets clients include large investment management firms and pension funds.