This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities. We found that for most cities in the fiscal year 2021, pension assets increased dramatically because of strong markets. The resulting pension liability and money needed to pay bills decreased equally dramatically. Taxpayers can only hope that when pension plan investments need to be sold to pay for benefits, the market value of those investments will be high. If not, taxpayers will be on the hook to pay higher taxes to cover the promised benefits.
To download the full report on the financial condition of the 75 most populous cities, click here.