Liabilities Squeeze U.S. State Pensions, but Reform Is Slow
With total unfunded liabilities of about $1 trillion, state retirement systems must find ways to slash costs.
Bailey McCann
December 17, 2025
New Jersey Governor Chris Christie delivers the State of the State address in the Assembly Chambers of the New Jersey State House in Trenton, New Jersey, Tuesday, Jan. 11, 2011. Seated in the background are Senate President Stephen Sweeney, right, and Assembly Speaker Sheila Y. Oliver, left. Photographer: Emile Wamsteker/Bloomberg News
Emile Wamsteker/Bloomberg
