Catherwood LibraryILR School

In 2003, a whistle-blower forced San Diego to reveal that it had been shortchanging its city workers' pension fund for years, setting off a wave of lawsuits, investigations and eventually criminal indictments. Across the nation, a number of states, counties and municipalities have engaged in many of the same maneuvers with their pension funds that San Diego did, but without the crippling scandal -- at least not yet. But by one estimate, state and local governments owe their current and future retirees roughly $375 billion more than they have committed to their pension funds.