8/9/2013

The underfunding of public pensions is an issue that affects states and major cities like Detroit, Chicago and Philadelphia, and it is a problem too large for public-sector workers and retirees to bear alone, Bloomberg editors write. Local governments need to scale back retirement packages through some combination of employees working longer, contributing more and moving to defined-contribution programs. Spending cuts and new revenue should be part of the solution as well, the editors argue.

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