An analysis by Robert Novy-Marx of the University of Rochester and Joshua Rauh of the Kellogg School of Management finds that public pension plans for America's 50 biggest cities and counties are underfunded by $382 billion--or $14,000 for every household in those same cities. Some of the biggest plans may run out of money to pay promised benefits in as little as five to eight years.
http://abcnews.go.com/Business/city-pensions-americas-50-biggest-municipal-pension-shortfalls/story?id=12366160
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