Pension Crisis

Task Force: Local, State Finances Still in Need of Serious Fixes

Should stop hiding them


Despite improving tax revenues and numerous reforms, state and local government finances remain in need of major fixes, a task force said Tuesday.

Public employee retirement benefits remain a major problem, according to the State Budget Crisis Task Force, with pensions underfunded by perhaps $1 trillion or so, depending on investment and accounting assumptions. But other experts said a banner 2013 in stock markets helped shrink that gap.