The city of Oakland (my birthplace) has gotten further and further in debt because of Police and Fire department pensions.  This is totally amazing since they stopped anyone from getting into this generous plan in 1976.  And what have they been doing with this problem for the past 36 years?  Refinancing it.  Over and over again.  And they just did it again.  Each time they refi, the interest is the same or more of the principle payments and the idiots in the city council think they are doing a good deal. 

One recipient mentioned is Nita Balousek.  Her husband, now deceased had worked for 27 years as a police officer.  So she thinks whatever she's got coming is well deserved.  Well, God bless Nita, but I've been working a lot longer than that and don't expect anything near the payments you are getting. 

What gets me is there are currently only 1086 beneficiary's in this plan.  The article doesn't really layout the current liability, just the periodic refinancing that makes the debt keep growing.  From the city council's view if the payment is out a few years, then it's free. 

It looks to me that who's really making the money is the bond underwriters that collect the fees and the interest on each cycle.  Another city going down to bankruptcy?   They've been working on it for years.