By Zachary Christensen and Jordan Campbell (Reason Foundation), includes “Public pension debts from three major municipal plans in Nebraska are approaching $1 billion, and an analysis of Omaha’s two municipal systems and Lincoln’s public safety plan suggest that this shortfall is likely to continue to expand unless policymakers make meaningful changes to how the city funds and manages the retirement plans. … What discount rate should PFRS and ERS be using? It depends on how risky the liabilities are—i.e. what is the probability of Omaha defaulting on these promised pension benefits.”