Coming Pension Meltdown: The 10 Most Troubled City Systems

Jennifer G. Hickey * Newsmax

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. 

It failed 78 percent to 22 percent, an example of the opposition that cities face when trying to tackle the politically sensitive issue of funding retirees’ benefits.

More and more cities, counties, and even some states will face the harsh reality of having to fix their pension systems or deal with a Detroit-style bankruptcy.

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