News release: “In recent months, discussion surrounding the financial soundness of state pension plans has been hotly contested. In fact, recent research by the Kellogg School suggests that pension programs in as many as 31 states are headed for run outs and financial disaster by 2030. A new paper co-authored by Associate Professor of Finance Joshua Rauh predicts that taxpayers will bear a large share of the financial burden of the $3 trillion in unfunded legacy liabilities associated with state pension plans.”