Discount rate assumptions are changing, liabilities are falling—and yet the underlying risks haven’t disappeared. They’ve just shifted.

In this episode, HilltopSecurities’ Tom Kozlik sits down with Moody’s Tom Aaron to unpack what public finance leaders need to understand about today’s pension landscape.

Topics include:

• Why rising discount rates can mask long-term vulnerabilities
• How market volatility is reshaping pension risk exposure
• The importance of discipline during periods of perceived strength
• What Moody’s is watching as we enter 2026

Don’t miss this expert-level discussion on one of the most consequential drivers of state and local credit conditions.