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Topic - David Draine
The Great Recession has taken a heavy toll on public pension and retiree health care funds in dozens of the nation's biggest cities, according to a study released Wednesday, as top cities around the country struggled to keep up with their liabilities amid plunging revenues.
"This doesn't mean that they're in perfect shape," Mr. Draine said. "Some of them still have funding shortfalls they'll have to make up. Really, nobody did well in terms of retirement health care."
"Policymakers need to make sure that they're not offering benefits that they can't pay for," Mr. Draine warned, "and make sure they don't take risks they can't handle.