"The unfunded (pension) liability is somewhere between $1.5 and $3 trillion," said former Pennsylvania Lt. Gov. Mark Singel (D) about the total liability among the 50 states.
Meanwhile, in Utah, a new hybrid plan came into effect last year after pension fund projections forecast a possible bankruptcy of the fund within 20 years. State Sen. Daniel Liljenquist (R-Bountiful), the local legislature’s retirement committee chairman and an author of the measure, said the new plan moved state employees to a 401(k) like retirement system, with a defined contribution put into place for workers. He noted it also moved to reduce the state contribution going forward and change cost of living adjustments, which is a part of the plan adopted in Rhode Island as well.