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No changes have been proposed to city pensions, which the commission said now consume 18 percent of the city budget, up from 3 percent in 2003.

The second-largest U.S. city relies on an overly optimistic forecast of 7.75 percent annual returns for its pension fund, causing the gap between available assets and obligations to widen, according to the report by the L.A. 2020 Commission.

The proposals were quickly dismissed by Detroits emergency manager, Kevyn Orr, who said any sale would not only kill a proposal to pump $816 million into the citys underfunded pension systems, it would also hurt residents.

A study found that in general, new Calpers members need to save between $373 and $1,480 more each month or work 2.5 to 5 years longer to retire with the same income as members hired before the pension reform act.

New Jersey is rated three steps below benchmark debt, with a negative outlook. A one-step downgrade would place it with California and Illinois in the single-A category.

The gap between what state governments have promised employees in pension benefits and the funding to meet those obligations widened to $914 billion at the end of 2012.

Theres money there to fund public pensions. It just isnt going to public pensions its going to wealthy corporations.

The city will ask a judge to let it send the disclosure statement to creditors to solicit their votes on the debt-reduction plan. The plan calls for cutting public worker pensions and some bond payments.