Public pensions in Iowa may be in a much deeper hole than previously thought.

A new Moody’s Investor Service report shows the state portion of unfunded liabilities in the Iowa Public Employees’ Retirement System is $2.3 billion, more than double the IPERS’ estimate of $1.1 billion.

If the same holds true for the local government portion, the entire fund could be $12 billion in the red  rather than the $5.9 billion IPERS has estimated, said Gretchen Tegeler, executive director of the Taxpayer Association of Central Iowa, an advocacy group for taxpayers.