“Unfunded public pension liabilities are at record levels, creating a large financial burden on state and local governments. With pension funds taking considerable investment risk, the hole could grow much larger if risk-taking is unsuccessful. An interview with Rockefeller Institute Director of Fiscal Studies Don Boyd examines these risks and their potential consequences, as well as the flawed institutions that helped lead to this situation. It concludes with possible policy changes that would make it more difficult to wind up in this situation again.”
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