"A preliminary report of how the city's pension fund performed in the fiscal year 2011-12, which ended June 30, shows it earned a meager 1.6 percent -- far below the assumed rate of return of 7.5 percent. For a fund currently worth $15.3 billion, that's a big difference. 'This is even worse than anyone predicted,' said Public Defender Jeff Adachi, who offered a competing, failed pension reform measure that would have raised more money through employee contributions. 'If this was a movie, it would be a disaster movie called "Pension Armageddon".'"  MORE >>