Chicago Fed's Moskow on pension issues

In the speech 'The regional perspective on pension issues' given on 28 February Michael Moskow of the Federal Reserve Bank of Chicago said the restructuring of public pension plans could require painful tax hikes or cuts in government services in some states.

Moskow said that to help cover shortfalls in meeting obligations, pension plans will need to be restructured, despite the legal obstacles to structural change.

"For states with relatively weak balance sheets and large pension obligations

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