Government Rule Makers Looking at Pensions

Overpaid Government Worker has a disturbing article from the NYT:

As cities and states struggle with ballooning retirement costs, accounting rule makers started an ambitious project Thursday to force state and local governments to issue better numbers and reveal the true cost of their pension promises.

The effort is likely to take years, and to be contentious from beginning to end. In the meantime, more places are likely to end up like Vallejo, Calif., which declared bankruptcy earlier this year after locking itself in to paying police officers and firefighters benefits so costly that they swamped the city’s finances.

You'll want to read the whole article.