Philly's Pension Nightmare

The School District of Philadelphia's financial woes have become a national story with the district's efforts to borrow $50 million to make up a significant funding shortfall that actually threatened the start of the school year. Although students are now back to school, research shows that the system faces a grim financial future in particular because of the burden that pensions will have on the system, a burden that will grow sharply in coming years thanks to a decade of neglect on the issue of retirement funding.