The underlying plans in the PEW and BURY studies are different but the conclusions match closely as to the level of underfunding and funded ratios.
But what struck me was that when you download the PEW data you notice there are 5 states with liability values in the $190 billion range yet the reported asset values for those states vary wildly. One is almost fully funded while two are at 80% and the bottom two at 40%. Theoretically similar obligations were accrued yet bad earnings, complaisant actuaries, feckless politicians or some combination conspired to underfund four of those plans, two severely.
More on this in Monday morning’s blog where you will see the numbers and hear my case for why one of these states is clearly the most hopeless in the country.