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Analysis Determines Detroit Pension Funds in Better Shape Than Orr Says
Detroit Free Press 
Aug. 3, 2013
"Kevyn Orr, the city's emergency manager, has estimated the underfunding of the city's two pension funds at $3.5 billion. The pension fund managers disagree, saying the funds are more than 90% funded, meaning that there are adequate resources to pay almost all future liabilities. The Bond Buyer reported Friday that Morningstar, a major investment adviser, found that the actuarial assumptions made by the two pension funds to come up with their more optimistic assessment were in line with industry practice."
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