Home » Pension Crisis: What Caused Unfunded Liabilities and How to Prevent a Total Collapse by R A Marin
Pension Crisis: What Caused Unfunded Liabilities and How to Prevent a Total Collapse R A Marin

Pension Crisis: What Caused Unfunded Liabilities and How to Prevent a Total Collapse

R A Marin

Published October 21st 2013
ISBN : 9781118582367
Hardcover
240 pages
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 About the Book 

Around the country, state and local fiscal pictures are starting to look better. Tax revenues rose in every state in 2011, and while states continue to have structural budget gaps to close, this years gaps are a small fraction of the ones statesMoreAround the country, state and local fiscal pictures are starting to look better. Tax revenues rose in every state in 2011, and while states continue to have structural budget gaps to close, this years gaps are a small fraction of the ones states were dealing with in 2009 and 2010. But one big problem continues to show little improvement-- unfunded pension liabilities.Measured on a market value basis, these unfunded liabilities (combined with those for retirees health care) exceed $4 trillion, which is more than the total amount of bond debt outstanding from states and localities. And because of the way pension accounting works, most states and local governments can expect to see continued sharp rises in required payments into pension funds at least through 2014. While most parts of states fiscal pictures are improving, this one continues to deteriorate. The book explains how this problem has developed and what must be done to strengthen pensions and avoid similar long-term problems in the future.