DELOITTE SURVEY FINDS GOVERNMENTS NEED TO CLOSE LOOPHOLES ON UNDERFUNDED PENSIONS: As the number of underfunded public pension funds has risen dramatically over the past five years, state and local governments need to close loopholes, adjust the level of employee contributions and rethink overall fund management, or risk a crisis, according to a Deloitte Research study.The report, titled "Paying for Tomorrow,"' also warned that the pending crisis could be aggravated by the coming wave of Baby Boomer retirees tapping into their pension accounts, unless fund managers move quickly to adopt a solution. Among the areas of greatest concern cited are:

* Lack of prefunding requirements that mandate that public retirement plans fund their pension liabilities.

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