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Public pensions are at risk of insolvency | Newsday

Long before current market volatility, state and local pension debt posed a risk somewhere between a ticking time bomb and a crate of nitroglycerin. An explosion is coming eventually, and any major shock, whether related to COVID-19 or the next recession down the road, could set it off. As USA Today reported recently: “Before (the coronavirus) crisis even began, state pension plans across the country were already more than $1 trillion short of the funding needed to pay their future obligations to retirees.”