Excerpt: [State and local government public employees] collect guaranteed pensions provided through state and local taxes and their own contributions and investment returns. Overall, 90% of public employees enjoy a defined-benefit pension, compared with only 20% (and falling) of the private work force. Even though the commitment is there, the money isn't. A study by analysts at Barclays Global Investors in San Francisco estimates that public-employee pension funds in the U.S. are short[.]  MORE >>