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States pull back on pension payments as virus ravages revenue

AUGUST 4, 2020 | by Martin Braun | ADVISOR PERSPECTIVES

By Martin Braun (Bloomberg), includes “Colorado and South Carolina have pulled back from making additional payments to their underfunded pensions, moves that may play out in other states that are struggling to balance budgets as the coronavirus ravages tax revenue. … And New Jersey, which has one of the nation’s worst-funded pensions, has deferred a $950 million pension payment until September and Governor Phil Murphy’s plan to increase contributions 13% to $4.6 billion is in question.” 

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