First U.S. public pension fund seeks bankruptcy protection

The retirement system of the Northern Mariana Islands, a U.S. territory in the South Pacific, is seeking bankruptcy protection, becoming the first U.S. public pension fund to do so. There are many reasons for its financial distress. A lawsuit by pension holders allege poor financial advice from its fund adviser. Other reasons include very generous benefits and inadequate fund contributions by the islands' government.

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South Pacific Fund Has Sinking Feeling - Wall Street Journal, The

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