Public school teachers, police, firefighters, and other state and local government employees accept their jobs with the understanding that their relatively low salaries are backed up by excellent pension benefits. In July 2019, Moody’s Investors Service estimated that U.S. public pensions are underfunded by $4.4 trillion. U.S. public pension underfunding is larger than the economy of most developed countries.

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This article was originally published in Benefits Law Journal.