Detroit may have filed for bankruptcy because of its underfunded pension liability, but compared to other major metropolitan areas, its 91.4 percent funded status seems pretty positive, according to new data by Morningstar.
Morningstar examined the pension plans of the 25 largest cities in the United States, many of which are so large that the underfunded liability falls squarely on the residents of those cities, the report found.
Chicago had the smallest funded ratio at 35.2 percent, followed by Philadelphia with 48.1 percent and Jacksonville, Fla., at 56 percent. And even though New York City's funded ratio was 60.1 percent, slightly higher than the top three on the list, its net outstanding debt of $77.3 billion dwarfed the outstanding debt held by the rest of the list, taking up more than half of the aggregate net outstanding debt of $132.5 billion.
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