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U.S. Public Pension Shortfalls Exceed $1 Trillion

U.S. state and local government pensions have at least $1.1 trillion less than they need for promised retirement benefits, even after stock-market gains and increased contributions boosted the funds, a study found.

The pensions had about 72 percent of the money needed to meet retirement obligations in 2013, unchanged from the year before, the Center for Retirement Research at Boston College said in the study released today. Governments paid more into the funds, 83 percent of their required annual contributions, up from 81 percent a year before.