Study: More states falling short on pension money - KMOV.com

Study: More states falling short on pension money

SPRINGFIELD, Ill. (AP) -- A new study shows 31 states have pension funds that are below the safety line set for investing money to meet future pensions costs.  

Researchers at the Pew Center on the States blame the sour economy and bad investment decisions. Officials may be forced to fix the problem by cutting benefits or raising taxes.  

Many experts recommend states save at least 80 percent of the money they'll eventually need to pay the pensions promised to government employees. Twenty-two states failed to previously meet that threshold and nine more fell short in fiscal 2009. 

Illinois had the largest shortfall, with only 51 percent. New York was in the best shape at 101 percent.
 

Online: http://www.pewcenteronthestates.org.  

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

Powered by Frankly