News
11:36 am
Tue June 19, 2012

More state pension systems losing money

A study by the non-partisan Pew Center on the States shows pension systems sank deeper into the red as the Great Recession took its toll and states spent their dollars elsewhere. The study shows Ohio is one of 34 states that failed to reach the commonly accepted level for pension funding in 2010, the latest year for which figures are available. The overall gap between assets and future pension costs rose to $757 billion. The study authors say some states are trying to address the problem by cutting benefits or increasing contributions for future employees. Other states are trying to cut current workers, although that invites legal challenges.