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"In 2009 the small Alabama city of Pritchard, outside Mobile became the first city in America to stop paying pensions to its retired workers. For years the city had been warned that if it did not put more money aside its pension fund would run dry. It was even ordered to do so by the State court.
The City Mayor ignored the court order, deciding it would be better to keep hospitals open, street lights on and paying teachers’ salaries. The additional money to fund the city pension liabilities simply didn’t exist. Many of the affected retirees have now filed for bankruptcy or gone back to work.
This is the future across the developed world.
This White Paper examines the future Global Pension Crisis and the opportunities it represents for the Asset Management industry".
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