State-level pensions aren’t the only ones putting a strain on public finances. The cost of municipal pensions in Pennsylvania are rapidly getting out of hand, according to Auditor General Eugene DePasquale. A report released by DePasquale showed that the unfunded liability of the state’s municipal pensions systems grew to $7.7 billion, a $1 billion increase over just two years.
The report said 562 out of 1,223 municipalities that administer pension plans are distressed and underfunded.
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