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How Did State and Local Government Pension Plans Become Underfunded? (PDF)
Center for Retirement Research at Boston College Link to more items from this source
Jan. 6, 2015

"A new analytical tool tells a clear story of why unfunded liabilities rose during 2001-2013. The primary factor was investment returns that fell short of expectations due to the two financial crises. A secondary factor was that many plans failed to make adequate contributions, a more serious problem among the worst-funded plans. This type of analysis should be added to every plan's annual actuarial valuation."

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