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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