NEWS: As Pension Liabilities Soar Unions Ask for More
A new report by the Hoover Institution has found that most local governments in the United States have massively underreported the unfunded liabilities in their employee pension systems. The California state government, for example, identifies unfunded liabilities totaling $242,746,943. But according to Hoover’s calculations, the real figure owed by the Golden State is $769,407,011—or nearly 217 percent more than is officially reported.
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