The Northern Mariana Islands: white sand, blue water, and huge pension liabilities. Boltty Studio/Flickr hide caption

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Planet Money

Promises, Promises

States have promised their employees sweet retirement benefits, but haven't set aside enough money. Now, one public pension fund has filed for bankruptcy.

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A rainbow over the sea in Saipan, Northern Mariana Islands. Koichi Kamoshida /Getty Images hide caption

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A Twinkie shows off its creamy filling in this file photo from 2005. A snack-cake sales slump is one reason Hostess Brands is seeking protection from its creditors. Tim Boyle/Getty Images hide caption

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Evergreen Solar has filed for Chapter 11 bankruptcy relief, hoping to reorganize its debt and continue as a smaller company. Here, its panels are seen on a rooftop near Rome. PR NEWSWIRE hide caption

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