State and local government pensions were national news during the recession, as unfunded liabilities rose into the trillions of dollars and overheated commentators predicted that rising pension costs could push governments into bankruptcy. Today attention has faded and the public-pension industry claims that plans are back on track. Don’t be too sure.
This piece was originally published by The Wall Street Journal on June 1. The full text will be published here on June 8. Click here to read the original publication.
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