"One result of this actuarial assumption is that the calculated contribution required for the city to make into the pension fund each year is insufficient to even maintain the funding ratio at its current level.
"To try and catch up, the city's pension funds have been forced into an aggressive investment strategy. Aggressive investment means a greater mix of riskier stock investments and less in more predictable bonds. Recent years have not been kind to the city's investment portfolio." (P-G 2005, Christopher Briem)