"The pension system ... is hurtling toward insolvency by 2030. The fund has $3.27 billion in unfunded liabilities and less than $2.7 billion in assets -- a funding ratio of 45 percent.... [T]he Deferred Retirement Option Program [DROP] ... gave recipients an 8 percent to 10 percent annual return even while the system earned significantly less.... That makes up $1 billion of the fund's money.... The plan will trim cost-of-living increases, base payments on a five-year highest-salary average rather than three years, and raise all members' contributions to 9 percent."  MORE >>