The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Urban Outfitters reported earnings and same-store sales for the second quarter that beat analyst expectations, while revenue fell short.Retailread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
President Donald Trump renewed calls Tuesday to readmit Russia to the G7 ahead of the group's summit in Biarritz, France, this weekend.Politicsread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
The yield curve is the only economic indicator pointing to a recession, according to Credit Suisse.Marketsread more
Amid fears of a recession, Domino's Pizza CEO Ritch Allison said Tuesday that the U.S. consumer is still strong.Restaurantsread more
The rising cost of public pensions continues to stretch the finances of many American cities.
Moody's estimates U.S. municipalities have run up more than $2 trillion dollars in unfunded liabilities.
Philadelphia, for instance, now has a funding gap of $5.71 billion, or less than half of what it owes its 64,000 current and future pensioners.
The situation has gotten so bad that even the city's fiscal watchdog thinks this is the worst performing pension in the entire country.
Read MorePhiladelphia's "quiet crisis"
"The health of the municipal pension fund is one of the greatest financial challenges facing our city. One particular challenge is that the number of retirees exceeds the number of current employees paying into the fund, and that is a huge drain on our budget, " said Dubow.
The challenge, he said, is when a pension plan comes up short, more funds get diverted away from residential services like fire and police departments or garbage collection.
But Dubow is convinced they will find a way out, in part by aggressively cutting manager and hedge fund fees.
"We reduced our exposure to hedge funds by a couple of million dollars," Dubow said. "We also have tried to be more defensive, putting more of our assets into cash and fixed income, to help weather the storm. But that also means we don't get the returns we want. So it's a process, and it will still take a while to solve."
Other measures on the table include working across the aisle with city politicians and unions.
"Mayor Jim Kenney, who took office earlier this year, will work with the city's council and unions on ways to improve the health of the fund. And the mayor's representatives on the pension board are already working with the other members of the board to reduce fees," said Dubow.
Founded in 1915, the Public Employees Retirement System provides benefits to police, fire and civilian workers of the city of Philadelphia through the administration of 18 separate plans.
In addition, the Board of Pensions administers a pension plan for the employees of quasi-public agencies (the Philadelphia Parking Authority, the Philadelphia Municipal Authority and the Philadelphia Housing Development Corporation.
Its last public performance report showed that as of December 31, 2015, the fund had a market value of $4,182,443,197.
During the same period, the total actuarial liability was $10.52 billion, and the unfunded actuarial liability was $5.71 billion.