Not encouraging.
A new Census report on state and local pension plans shows they lost $179 billion even before stock, bond and real estate markets crashed. State and local pension plans lost $178.8 billion in value in the last full year of accounting before markets crashed and the recession hit, according to the latest data from the U.S. Census Bureau.
That apparently represents a $498 billion drop in total receipts and a negative earnings swing of $510 billion in one year, when most plans assume growth of 7-8 percent.
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