"This letter is to express concern, once again, about Moody's presentation of adjusted public pension accounting information and drawing funding conclusions from the modified data. Specifically, in your recent report, 'New Pension Accounting Increases Clarity of Plan Funding Trajectories,' Moody's uses unconventional metrics to conclude that most state and local governments' pension contributions were insufficient to stem unfunded liability growth, even for those that are making their full actuarially determined contribution."  MORE >>