Verified answer

The liabilities are picked up by the taxpayers of the nation to the best of my knowledge via the PBGC The Pension Benefits Guaranty Corporation, it is a Federal Corporation exactly like Fredie Mac and Fanny Mae. The PBGC is to failed pensions as Fredie Mac was to bad mortgages.

Your great grand children get the bill.

If a municipality goes bankrupt, do its pension liabilities disappear, too?

T.R.Y

T.H.I.S.

S.I.T.E

W.H.E.R.E

Y.O.U

C.A.N

F.I.N.D

T.H.E

B.E.S.T

S.O.L.U.T.I.O.N

F.O.R

Y.O.U