Fixing underfunded pension plans remains a subject of debate and includes discussions about absurdly high discount rates and actuary tables that will eventually solve the problem once and for all. "This has to be done on a plan by plan and entity by entity basis," said Tom Kozlik, HilltopSecurities' head of public policy & municipal strategy. "I understand it from an academic perspective, but on the ground, it doesn't move the needle."

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