Most local governments have limited control over their pension liabilities because they have cost-sharing plans where pension funding, benefit decisions and investment strategies are centrally managed,  Moody’s Investors Service said in a report examining the U.S. public pension landscape.

This finding is key at a time when there is so much focus on unfunded pension liabilities and reforms because it shows many local governments may have little-to-no knowledge of their pension liabilities and no power to make changes in their plans.

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