Excerpt: The long-anticipated report was released by the City Council's Select Committee on Pensions, created last summer to look at the city's pension obligations -- its future debts to cover benefits for workers and retirees. Last year, those obligations totaled almost $1.2 billion, dwarfing other city costs. This year, after the world recession, pension costs are expected to increase because all the pension funds have lost money in the stock market and other investments. 'What we have is not sustainable,' said councilman Howard Shook, who co-chaired the committee. The report comes as the city administration is hiring outside consultants to make pension reform recommendations.

MORE >>