A new study warns that most states, including Minnesota, have fallen far behind in funding their public sector retirement benefits. The report from the Pew Center on the States shows a $1.38 trillion gap between what the states have set aside for pensions and retiree health care, and the price tag for those promises.
It lists Minnesota in the "needs improvement" category for pensions, and in the "serious concerns" category for retiree health care benefits.
The study found that Minnesota's retirement plans had a liability of $58.8 billion and the state has fallen $13 billion short in setting aside money to pay for it.
Morning Edition host Cathy Wurzer talked with David Draine, Senior Researcher at the Pew Center on the States.