Study: Almost all state pensions are underfunded

States are facing a collective pension-funding shortfall of $1 trillion, nearly a third of the $3.3 trillion they owe in future obligations, according to a report issued Thursday by the Pew Center on the States. "It's an easy omission," said Orrin Kramer, head of the New Jersey Investment Council. "If you underfund, you're passing costs on to future generations of taxpayers but that isn't going to be obvious for a long time." Illinois and Kansas have the biggest liabilities, with each state having set aside less than 60% of their future obligations, per the report.

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