Whereas public plans are substantially underfunded, in the aggregate they currently account only for 3.8 percent of state and local spending.   Assuming 30-year amortization beginning in 2014, this share would rise to only 5 percent, and even assuming a 5 percent discount rate, to only 9.1 percent…

“However…states that have seriously underfunded plans and/or generous benefits, such as California, would see contributions rise at a larger rate. With a 5 percent discount rate, California’s contributions would rise to 12.5 percent of state spending.

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