Pension Burdens Of 50 Largest Local Governments Hit 147% Of Revenue: Moody's

Pension burdens have outstripped outstanding debt at a majority of the 50 largest local governments, according to Moody’s Investors Service. What’s more, the liabilities, which aggregated $367 billion in fiscal 2015, is expected to rise 40% to $513 billion in fiscal 2017 because of a poor investment climate. Also see JPMorgan On State Debt: No Mathematical Solution In New Jersey Pension Funds Underperform While Placing Blame On Hedge Funds Unfunded pension liabilities rose higher than debt at 32 of the 50 local governments assessed. Still some of the largest governments showed low pension burdens with modest rise or even slight…