Overall, state public-sector pension programs continue claw out of the unfunded liabilities that have buried them since the financial collapse, as the total pension debt was over $1 trillion at the close of the fiscal year 2012.
New research from The Pew Charitable Trusts finds that public-sector pensions saw retiree funding shortfalls increase by $157 billion since 2010. At the time, the gap for public employees retirement benefits grew to about $1.38 trillion. Also, there was a reported $757 billion gap in long-term liabilities and $627 billion for retiree health care and other non-pension benefits.
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