that the county‘s projected shortfall now stands at $4.8 billion — equal to nearly a third of the fund and “roughly 10 times what it was just before the Great Recession.”that the city pension system debt is again headed north of $3 billion for the fund with $10 billion in assets.
The bottom line, as widely reported, is this may mean less money for police and fire protection, libraries, parks, road improvements and other services — and lead to pressure to increase taxes., among other cities, also has struggled with pension debt. “For most states,” the report said, “unfunded pension liabilities are the largest of three major long-term obligations weighing on their future finances, ahead of unfunded retiree health care benefits for public employees and outstanding debt.”