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“The [court-approved] plan calls for San Bernardino to leave bankruptcy with increased revenues and an improved balance sheet, but the city will retain significant unfunded and rapidly rising pension obligations,” the report warns.

Comment: A reminder that defined benefit public pensions are vile infections that don’t heal. The costs are guesswork and the guesses are usually wrong.

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Jim Palermo

Was it San Bernardino, or Stockton, Calif. that was granted bankruptcy court permission to reduce pension benefits, but declined?