(Bloomberg) -- The bankruptcy of Detroit, which may cut retirement benefits of 30,000 current and former city workers, is causing investors to scrutinize billion-dollar shortfalls in government pensions in other parts of the country.
Chicago, Philadelphia, New York, Phoenix and Jacksonville, Fla., are among large cities that had 60% or less of what they need in their retirement systems to cover promised benefits, according to data compiled by Bloomberg. At least 29 public plans in 16 states are less than two-thirds funded, according to Boston College’s Center for Retirement Research.
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