As the city of Springfield addresses a $200 million shortfall in the Police and Fire Pension Fund, officials might look to similar situations across the country for inspiration.
From Pennsylvania to California and at points in between, municipalities facing shortages in their own pension plans have found various solutions.
In Joplin and St. Louis, city leaders have handled their own fund shortages through benefit changes and new sales taxes, respectively. The financial situation in Vallejo, Calif., meanwhile, led that city to file for bankruptcy last year; the city’s pension was listed as the largest creditor on its bankruptcy filing, accounting for $219 million in liabilities.