Pensions: Today's promises, tomorrow's credit challenges

As the retiree population quickly rises, the long-term impact of fixed costs are now quite evident pressuring sovereigns, state and local governments across the world to face their pension liabilities head on.

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263 Documents

Title	Issuer/Entity
Hall (County of) GA: Judgments upholding modifications to county employees' pensions plans are credit positive 20 DEC 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE Hall County Superior Court ruling in favor of Hall County is a credit positive as it upholds modifications to the county's pension plans.	Hall (County of) GA
Local government - US: Pensions remain the dominant liability for most of the largest local governments 19 DEC 2019\|Sector Profile\|MOODY'S INVESTORS SERVICE Unfunded pensions are by far the most substantial long-term liability for most of the 50 largest local governments, according to our annual survey of their retirement benefit funding.
US Public Pension Landscape Series 19 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE This series provides a state-by-state, in-depth review of the key issues related to pensions facing state and local governments. An update regarding Texas is the latest addition.
State and local government – Washington: Pension burdens pose limited credit risk 17 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Washington state and its local governments face relatively low credit risks from pensions, owing partly to past reforms as well as contributions that amortize reported unfunded liabilities.
Government of United States: Left unchecked, entitlement spending will drive long-term decline in US fiscal strength 12 DEC 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the drivers of the US government's entitlement spending and the likely long-term impact on the sovereign's fiscal strength.	United States of America, Government of
State and local government – US: Vulnerability to pension investment losses remains high despite slowing costs 11 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE State and local governments will benefit from cost stability through 2021 because their pension systems' returns landed near targets in 2019, but risks from investment losses are high.
East St. Louis (City of) IL: Pension costs threaten ability to provide public services as well as pay debt 30 OCT 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE East St. Louis' failure to make required contributions to public safety pension funds will cost it state revenue and heighten the chance it can't provide public services as well as pay debt.	East St. Louis (City of) IL
Puerto Rico (Commonwealth of): Extent of pension bondholders' secured claim will impact other creditor recoveries 15 OCT 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE Whether Puerto Rico's pension bondholders' secured claim extends to “pay-as-you-go” pension payments stands to affect not only their recovery, but also that of other bondholder classes.	Puerto Rico (Commonwealth of) Puerto Rico Employees Retirement System
Moody's - US states' pension liabilities fall in fiscal 2018 amid higher investment returns 17 SEP 2019\|Research Announcement\|MOODY'S INVESTORS SERVICE A detailed presentation of Moody's state pension and OPEB medians for fiscal 2018.
State government – US: Medians - Adjusted net pension liabilities decline; OPEB liabilities vary widely 17 SEP 2019\|Sector Profile\|MOODY'S INVESTORS SERVICE A detailed presentation of Moody's state pension and OPEB medians for fiscal 2018.

Title	Issuer/Entity
Hall (County of) GA: Judgments upholding modifications to county employees' pensions plans are credit positive 20 DEC 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE Hall County Superior Court ruling in favor of Hall County is a credit positive as it upholds modifications to the county's pension plans.	Hall (County of) GA
Local government - US: Pensions remain the dominant liability for most of the largest local governments 19 DEC 2019\|Sector Profile\|MOODY'S INVESTORS SERVICE Unfunded pensions are by far the most substantial long-term liability for most of the 50 largest local governments, according to our annual survey of their retirement benefit funding.
US Public Pension Landscape Series 19 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE This series provides a state-by-state, in-depth review of the key issues related to pensions facing state and local governments. An update regarding Texas is the latest addition.
State and local government – Washington: Pension burdens pose limited credit risk 17 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Washington state and its local governments face relatively low credit risks from pensions, owing partly to past reforms as well as contributions that amortize reported unfunded liabilities.
Government of United States: Left unchecked, entitlement spending will drive long-term decline in US fiscal strength 12 DEC 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the drivers of the US government's entitlement spending and the likely long-term impact on the sovereign's fiscal strength.	United States of America, Government of
State and local government – US: Vulnerability to pension investment losses remains high despite slowing costs 11 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE State and local governments will benefit from cost stability through 2021 because their pension systems' returns landed near targets in 2019, but risks from investment losses are high.
East St. Louis (City of) IL: Pension costs threaten ability to provide public services as well as pay debt 30 OCT 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE East St. Louis' failure to make required contributions to public safety pension funds will cost it state revenue and heighten the chance it can't provide public services as well as pay debt.	East St. Louis (City of) IL
Puerto Rico (Commonwealth of): Extent of pension bondholders' secured claim will impact other creditor recoveries 15 OCT 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE Whether Puerto Rico's pension bondholders' secured claim extends to “pay-as-you-go” pension payments stands to affect not only their recovery, but also that of other bondholder classes.	Puerto Rico (Commonwealth of) Puerto Rico Employees Retirement System
Moody's - US states' pension liabilities fall in fiscal 2018 amid higher investment returns 17 SEP 2019\|Research Announcement\|MOODY'S INVESTORS SERVICE A detailed presentation of Moody's state pension and OPEB medians for fiscal 2018.
State government – US: Medians - Adjusted net pension liabilities decline; OPEB liabilities vary widely 17 SEP 2019\|Sector Profile\|MOODY'S INVESTORS SERVICE A detailed presentation of Moody's state pension and OPEB medians for fiscal 2018.