Over the past several decades, many states and local governments made pension promises that will be expensive to keep. Now, they're struggling to fund their obligations. iStockphoto.com hide caption

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The owners of Stuyvesant Town in Manhattan abandoned the property to their creditors in January. The original purchase was funded in part by outside investors, including two state retirement funds. Seth Wenig/AP hide caption

itoggle caption Seth Wenig/AP