Moody's Investors Service has identified 10 states whose overwhelming public pension burden is even worse than previously thought.

The findings are the result of new methodology that Moody's says achieves greater transparency and comparability. Moody's ranks a state's adjusted net pension liability by calculating the ratio of ANPL as a percentage of governmental revenues.

The 10 states in the most trouble are (alphabetically): Colorado, Connecticut, Hawaii, Illinois, Kentucky, Louisiana, Maryland, Massachusetts, New Jersey and Pennsylvania.

Over the past three years, Moody's has downgraded a number of these states for practices such as taking "pension holidays," deliberately ignoring actuarially required contributions in order to balance budgets.

"The states that have the largest relative pension liabilities have at least one thing in common," Moody's said in a report, "a history of contributing less to their pension plans than the actuarially required contributions."

By comparison, the ANPL ratios of the three states in the best shape are Nebraska (7 percent), Wisconsin (14 percent), and Idaho (15 percent).

Based on ANPL as a percentage of revenues, here are the 10 states in the most trouble, starting with the very worst (figures are in billions):

illinois state flag

Illinois

ANPL as a percentage of state revenues: 241 percent  
ANPL (in billions): $139,968,296
ANPL as a percentage of PI: 24 percent
ANPL as a percentage of GDP: 20 percent
Per capita income: $10,340

connecticut state flagConnecticut

ANPL as a percentage of state revenues: 190 percent
ANPL: $41,587,093
ANPL as a percentage of PI: 20 percent
ANPL as a percentage of GDP: 18 percent
Per capita income: $11,595

kentucky state flagKentucky

ANPL: $28,619,279
ANPL as a percentage of state revenues: 141 percent
ANPL as a percentage of PI: 19 percent
ANPL as a percentage of GDP: 17 percent
Per capita income: $6,554

new jersey state flagNew Jersey

ANPL as a percentage of state revenues: 137 percent
ANPL: $63,219,012
ANPL as a percentage of PI: 14 percent
ANPL as a percentage of GDP: 13 percent
Per capita income: $7,156

hawaii state flagHawaii

ANPL as a percentage of state revenues: 133 percent
ANPL: $10,919,157
ANPL as a percentage of PI: 19 percent|
ANPL as a percentage of GDP: 16 percent
Per capita income: $7,723

louisiana state flagLouisiana

ANPL as a percentage of state revenues: 130 percent
ANPL: $33,376,268
ANPL as a percentage of PI: 19 percent
ANPL as a percentage of GDP: 14 percent
Per capita income: $7,296

colorado state flagColorado

ANPL as a percentage of state revenues: 118 percent
ANPL: $20,338,160
ANPL as a percentage of PI: 9 percent
ANPL as a percentage of GDP: 8 percent
Per capita income: $3,975

pennsylvania state flagPennsylvania

ANPL as a percentage of state revenues: 105 percent
ANPL: $63,532,940
ANPL as a percentage of PI: 12 percent
ANPL as a percentage of GDP: 11 percent
Per capita income: $4,985

massachusetts state flagMassachusetts

ANPL as a percentage of state revenues: 100 percent
ANPL: $44,732,443
ANPL as a percentage of PI: 13 percent
ANPL as a percentage of GDP: 11 percent
Per capita income: $6,770

maryland state flagMaryland

ANPL as a percentage of state revenues: 100 percent
ANPL: $28,660,114
ANPL as a percentage of PI: 10 percent
ANPL as a percentage of GDP: 10 percent
Per capita income: $4,908 

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