How Underfunded Are Detroit's Pension Plans?

BLOOMBERG - Further excitement in the†saga†of Detroitís bankruptcy: Public-sector unions are challenging the cityís estimates of its pension underfunding. The actuaries hired by the cityís emergency manager say that the pensions are underfunded by 40 percent to 50 percent. The estimated shortfall,†according to the Wall Street Journal, is more than five times higher than previous estimates.

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