In states, cities and counties across America, public sector pensions and retirement benefits are massively underfunded....
....the average public employee pension plan in the United States is only around 41 percent funded while total unfunded liabilities as of 2011 are roughly $4.6 trillion.
This nightmare can only end very badly - bad for taxpayers, bad for bondholders and bad for public sector employees who expect to receive those pension and retirement benefits.
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Judy Morris Report
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