JPMorgan: Illinois and New Jersey underfunded pensions “are practically irreversible”
A new report written by analyst Michael Cembalest at J.P Morgan discusses on going project entitled “The ARC and the Covenants”-ARC standing for “Annual Required Contribution”- which sole purpose is to assess unfunded pension and retiree health care obligations of US states. The current assessment explains that while “many states have ratios that are manageable...there are a few states with sever problems.” In fact, the report discusses the notion that Chapter 9 legislation for states should consider . . .
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