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Cities short on pension, health care funds
Posted By -NO AUTHOR- On 01/18/2013 @ 12:34 am In Money,U.S. | No Comments
(Washington Times) The Great Recession has taken a heavy toll on public pension and retiree health care funds in dozens of the nation’s biggest cities, according to a study released Wednesday, as top cities around the country struggled to keep up with their liabilities amid plunging revenues.
But the survey by the Pew Charitable Trusts based on fiscal 2009 data found that city workers and retirees in Washington and Baltimore emerged in better shape than those in many other big cities around the country.
Local governments emerged from the recent sharp economic downturn more than $217 billion short of what they promised their workers in retirement benefits, such as pensions and health care, in 61 of the largest cities around the country.
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