<!-- Swiftype Variables -->


Haves and have-nots

Looking at the top 10 and bottom 10 states by net pension liability, New Jersey and Illinois lead the nation in per capita pension liability, while Wisconsin, New York and South Dakota are operating under a net pension surplus.

Among the contributors to current state liabilities are unfunded or underfunded obligations, low investment returns and adverse changes in actuarial assumptions. On an aggregate level, states have a funding ratio of about 75%, but the disparities between them are large.

Further contributing to the states' economic woes is declining tax revenue growth in the face of ever-rising expenditures.