Gosh , how depressing can it get? Imagine getting up every day for the last 20 years and going to work at that safe, stable job with the city only to find out that your city had declared bankruptcy! All that money you have poured into that pension plan is now at risk and even worse, you may not be able to retire at age 62. Moreover, the health benefits that were also promised to you by the city after you retire are in jeopardy!
That is what is facing the citizens of Detroit who have faithfully put in their time only to see a shrinking tax base and a crumbling economy dash their hopes of some comfortable, vacation-filled golden years. I think some pensioners have to waive social security in order to be part of a pension plan. I know it is that way with the post office. Not sure about city employees.
Detroit may just be the start of a larger scale financial melt-down. Chicago, NYC, San Diego and San Jose are all spending much more than that are receiving in tax dollars, fees, property tax, etc. Find out what is going on in your city and consider going to work in the private sector where 401K plans are quite secure to my knowledge. I have never heard of a private retirement plan becoming insolvent.