U.S. states have a combined pension shortfall of $980B, Moody's calculates, or the equivalent of 66% of their income on average, including money from federal block grants and aid. Nebraska has the smallest gap relative to revenue with a shortfall of 7%, while Illinois - not surprisingly - has the largest hole with 141%. Moody's intends to take account of the underfunded pension schemes when assigning credit ratings.
U.S. states have a combined pension shortfall of $980B, Moody's calculates, or the equivalent of...
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