State Pension Under-funding: Red or Blue Make a Difference?

The general practice of states paying for general workers’ retirement costs began about a century ago in 1911, with Massachusetts being the first adopter. Decades before states, municipalities and the federal government had been involved in the business of paying the cost of retirement for more beloved public employees – teachers, firemen, policemen, and military personnel. The initial years – the past 100 or so years – generally involved expansion of benefits for state employees.

Is the 100 year expansion period over? In the past few years, a number...