Growing Public Pension Crisis an ‘Existential Financial Threat’

A firefighter in the East Village in New York City, on March 26, 2015. Samira Bouaou/Epoch Times

WASHINGTON—Unfunded liabilities of nearly $6 trillion in state pension plans pose a significant risk to public workers, retirees, and taxpayers across the United States, according to a new study.

Almost every state struggles with massive unfunded pension obligations due to the “risky and uncaring attitudes” of lawmakers, according to a report released March 20 by the American Legislative Exchange Council (ALEC), a conservative public-policy organization.