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Encore: Retirement costs vary dramatically among states and cities

The Center for Retirement Research just released a brief that provides a comprehensive accounting of state and local government liabilities for pensions and other post-employment benefits (OPEB) and the fiscal burden that they pose on states, counties and cities. It also includes debt service costs to provide a full picture of government revenue commitments to long-term liabilities. To gauge the level of the burden, pension, OPEB, and debt service costs are compared to each jurisdiction’s own-source revenue. This work builds on the framework developed by Michael Cembalest at J.P. Morgan.

In accordance with new accounting guidelines, the analysis apportions the relevant liabilities of state-administered cost-sharing plans to local governments for a more accurate picture of where the burden lies.

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