Published: Sep 26, 2012 1:05 PM EDT
Updated: Sep 26, 2012 1:06 PM EDT

TALLAHASSEE, Fla. (AP) - A think tank says the stock market is not to blame for Florida cities' pension problems.
    
Florida State University's LeRoy Collins Institute issued a follow up Wednesday to a "report card" that last year graded pension plans in Florida's 100 largest cities.
    
It gave grades of D and F to a third of those cities because their plans were underfunded.
    
The Florida League of Cities then noted the report card was based on data from 2009 when the stock market was depressed.
    
The new report includes data from 2005 through 2011 and concludes underfunding began before the market fell.
    
League of Cities legislative counsel Kraig Conn did not immediately respond to a telephone message seeking comment.
    
Neither report included the state's pension plan because it's considered on solid financial footing.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)