Salient to Investors:

Moody’s Investors Service the total funded ratio – assets relative to liabilities – of state pensions fell to 48 percent under its new methodology from 74 percent before the changes. The ratio measures fund management and whether a state is keeping up with promises to retirees.

Moody’s said states with the largest relative pension liabilities have at least one thing in common: a history of contributing less to their pension plans than the actuarially required contributions.

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