State and local government pension plans' adjusted net liabilities increased about 25% in fiscal year 2020 due to interest rate declines, according to a new report Tuesday from Moody's Investors Service.
Because of the market rebound in the second quarter, however, plans should avoid any real increase in costs or a material worsening in cash flow, according to Moody's "Sector In-Depth" report.
Congress and the Fed together managed us into a banking crisis.
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