Abstract
This paper analyzes the fl ow of state pension benefi t payments relative to asset levels and contributions. Assuming future state contributions fund the full present value of new benefi ts, many state systems will run out of money in 10–20 years if some attempt is not made to improve the funding of liabilities that have already been accrued. The expected shortfalls raise the possibility that the federal government will be faced with a decision as to whether to bail out states driven to insolvency by their pension programs.
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