"7. The average Michigan city has set aside just 69 percent of what’s needed to cover future pension benefits.
The pension funds of the state’s 100 largest cities and townships only hold 69 percent of what they should have to cover future benefits.
That’s actually up from 67 percent in 2014.
The slight increase may be associated with the fact that some cities have closed their defined benefit plan to new employees, who get 401(k) contributions instead.
It might also be associated with enrolling new hires in a less generous defined benefit plan.
These 100 cities combined owe $4.2 billion more than they have set aside."
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