From Bloomberg News: A Template for Fixing America’s Public Pensions

Thanks to Todd Johnson for sending us this article.

One city deep in the heart of horse racing country may have some lessons for the rest of the U.S.'s underfunded retirement systems.

By AMANDA ALBRIGHT

Kentucky, home to arguably the most famous annual horse race on the planet, has produced a lot of remarkable turnaround stories over the years. In May 2009, when the world was mired in a recession, a little-known contender called Mine That Bird had 50-1 odds to win the Kentucky Derby. In a competition that’s earned its reputation as “the greatest two minutes in sports,” the horse weaved past 18 other thoroughbreds to cross the finish line first.

A lesser-known dark-horse tale happened a couple of years later about 80 miles east of the derby grounds, still in Kentucky’s equine country. Instead of a race, however, the odds were on whether Lexington’s newly elected mayor would be able to bring the city’s mismanaged pension system back from the brink of a crisis.

Read more here.