As more municipalities file Chapter 9, the more these kinds of retirement deals will be broken.

WSJ: Andy Kessler: The Pension Rate-of-Return Fantasy

Stockton is the largest city in the nation to file Chapter 9, as the city was encumbered with rising retiree health-care costs, decreasing tax revenues and a high foreclosure rate.

FORBES: Municipal Defaults No Mammoth Problem Yet

The environmental liabilities contributed to its need to file for Chapter 11 protection, the settlement said.

FORBES: Bankruptcy Judge Scolds Latham Attorney Over Disclosure Of Fee