WASHINGTON -- Lower than assumed investment returns and insufficient employer contributions largely accounted for the unfunded liability spike in Pennsylvania’s pension plan for school employees, according to a University of Chicago report.

While the funded ratio of the Pennsylvania Public School Employees’ Retirement System declined from a high of 124% in 2000 to 61% by 2015, its unfunded liabilities rose by $46.8 billion, said the Center for Municipal Finance at the university’s Harris School of Public Policy.

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