(Bloomberg) -- Pennsylvania, which shoulders one of the biggest pension burdens among U.S. states, is bucking the wave of local governments trimming the benefits. Its bondholders are paying the price.
Since 2011, seven of the 10 states with the nations largest retirement liabilities as measured by Moodys Investors Service have cut the costs. Pennsylvania, ranked eighth, has made no progress in that span, after lawmakers last year failed to pass Republican Governor Tom Corbetts proposal to curb the expense.
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