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"Without reform, pension debt will only grow".
BT's deal, which covered pension debt worth £16 billion, was the biggest yet.
Proposed solutions have included issuing bonds to cover the unfunded liability or reamortizing the pension debt.
Terminating their plan would wipe some $1.7 billion in unfunded pension debt off the books.
The roughly $140 billion in the fund cannot cover the pension debt being run up by local governments.
Pushing off the pension debt to the next generation allows government officials to spend more money elsewhere.
Companies also benefited before market conditions changed because paying out all at once meant extinguishing long-term pension debt.
Corporate rates are higher than Treasury rates, and using them are to shrink pension debt by billions of dollars.
Simulation results show that the current pay-as-you-go system is not financially sustainable and the implicit pension debt is estimated at around 46 to 64percentt of GDP in 2000.
The voters have, in fact, duly authorized all of the state's general obligation bonds, but the much larger pension debt is appearing out of nowhere.
The governor's budget office, meanwhile, projects that the state's pension debt continues to grow by $12.6 million each day the debate continues.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com