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Pennsylvania city files for bankruptcy as liability for public pensions grows

Posted On: Nov. 15, 2022 9:22 AM CST

City of Chester, Pennsylvania, has filed a Chapter 9 bankruptcy petition due primarily to the extreme underfunding of its three pension plans, reports Pensions & Investments. The largest of the city’s obligations are for the Police Pension Plan, the Paid Firemen's Pension Plan and the Officers and Employees Pension Plan.