(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 nation’s largest retirement liabilities as measured by Moody’s 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 Corbett’s proposal to curb the expense.

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