The 2022 stock market decline is projected to push the unfunded liabilities of state-run pension systems to $1.3 trillion for the fiscal year, completely undoing gains achieved in 2021, according to a Reason Foundation analysis. “The risk of pension plan insolvency exists only in the medium-term for a handful of entities,” Tom Kozlik, head of municipal strategy and credit at HilltopSecurities, said.

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