Salient to Investors:

Boston College Center for Retirement Research said pensions in Illinois, New Jersey, Indiana and Kentucky may have less than 30 percent of assets needed for promised benefits

Pension fund shortfalls are estimated to be $900 billion to more than $4 trillion, depending on assumptions made.

Andrew Biggs at the American Enterprise Institute said pensions will still be able to cut their reported liabilities by assuming higher returns on their investments, so funds that pour money into risky investments with potentially higher payoffs will look more sound than retirement systems playing it safe.

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