Coming Pension Meltdown: The 10 Most Troubled City Systems
By Jennifer G. Hickey
Monday, 11 Nov 2013
Voters in Cincinnati last week soundly defeated a ballot initiative which would have overhauled the pension system for public workers, leaving the city without a plan to deal with $872 million in unfunded liabilities.
Cincinnati is not alone.
Across the nation, cities and states are finding funding for basic services being crowded out of their budgets by the rising cost of retirees’ pensions and healthcare.
The Cincinnati initiative would have turned the public pension system into a 401(k) style-plan and require the city to pay off its unfunded liabilities in 10 years.