Study Finds Public Pension Promises Exceed Ability to Pay

When Detroit went bankrupt in 2013, investors were shocked to learn that the city had promised pensions worth billions more than anyone knew — creating a financial pileup that ultimately meant big, unexpected losses for Detroit’s bondholders.

http://www.nytimes.com/2016/03/18/business/dealbook/study-finds-public-pension-promises-exceed-ability-to-pay.html?ref=business&_r=0