Report: Savings Gap for Pensions Growing
05/18/2011 - The gap between promises states made for employees’ retirement benefits and the money they set aside to pay for them is widening, according to an April report by The Pew Center on the States.
During the Great Recession, the gap increased 26 percent in just one year, growing to at least $1.26 trillion in fiscal year 2009.
State pension plans represented slightly more than half of the shortfall. Combined, states tucked away $2.28 trillion to cover long-term liabilities—totalling $2.94 trillion—leaving a $600 billion gap.
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- States' Fiscal Health