Moody's: State Pension Funds Are $980 Billion Short, Funded at 48 Cents on the Dollar (Via DealBook)

Whoa. Read the article at DealBook.

Moody’s Investors Service, dissatisfied with the way states measure what they owe their retirees, released its own numbers on Thursday, showing that the 50 states have, in aggregate, just 48 cents for every dollar of pensions they have promised.

That is much less than the 74 cents on the dollar that the states now report, suggesting the states are short by some $980 billion, with many local governments, like school districts, on the hook for additional billions that they have not disclosed at all.
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