Study: States Retirement Funding in the Red

Publication: Fox Business News

02/18/2010 - [Transcript] Get ready for some stunning numbers. Many states are struggling to provide adequate funding for retirement. That's according to a study released by the Pew Center on the States.

Joining us now in a first on Fox Business from Washington D.C. is Sue Urahn, managing director of the Pew Center on the States. We were going over the numbers earlier in the show and the gap is incredibly stunning. A $1 trillion gap and you say it's even worse. Is it fixable?

Sue Urahn: There is no question that far too many states are not responsibly managing the bill they have coming due for their retiree pensions and health care. Of the $3.3 trillion that states owe for their retirees, they are over a trillion dollars short of what they need to pay that bill.  It's something that's critically important for states to pay attention to today because today it is a solvable problem. If they wait, it could become an unmanageable crisis.

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