Look at the pension deficit in Chicago. Chicagos loop capital portion of pension fund is only fulfilling 31% of their pension obligation. Why are some cities doing very well fulfilling their obligations and some cities aren't? Where is the money going?
This is worth looking at from 2014. Info is from loop and very biased and has heavy disclaimer at the bottom but still paints a bad pic.
https://www.loopcapital.com/sites/default/files/Loop%20Capital%20Final%20Pension%20Slides.pdf