en these “‘as-reported” estimates, which HOUSE_OVERSIGHT_025237 --- PAGE BREAK --- come from the states, may be underestimated. A 2011 analysis by the Joint Economic Committee shows that lower portfolio return assumptions on pension assets sharply increase the magnitude of underfunded pensions (see chart, right). AS report

d (they were accrued over a longer period). Even these “as-reported” estimates, which come from the states, may be underestimated. A 2011 analysis by the Joint Economic Committee shows that lower portfolio return assumptions on pension assets sharply increase the magnitude of underfunded pensions (see chart, right)’. As repor