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Public Pensions Face Severe Underfunding
TIME Link to more items from this source
June 27, 2012

"As of 2010 and under current accounting rules, public pension plans had 76 cents for every dollar they must pay retirees in the future, according to an analysis by the Center for Retirement Research at Boston College. Under the new accounting rules, cash on hand would be just 57 cents on the dollar -- nearly twice the shortfall. The new rules won't change the underfunded status of all public pensions -- only those that are running such a large deficit that they are all but certain to need to borrow money to make good on their obligations. The plans must now account for those future borrowing costs, which translates into strikingly higher deficits."

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