San Bernardino, the third California city to seek bankruptcy protection since June, is saddled with huge pension debt and will produce details of those unfunded obligations within 15 days, Reuters reported yesterday. The city filed for bankruptcy protection on Wednesday, citing more than $1 billion in estimated liabilities and up to 25,000 creditors, many of whom are the city's own employees. The city, 65 miles east of Los Angeles, also listed estimated assets at more than $1 billion. In late July, San Bernardino reported that it had $56 million in indebtedness payable from its general fund, the main budget, including payments on a $50 million pension bond. There is an additional $195 million in unfunded pension obligations, $61 million in unfunded retiree health care, and $40 million of workers' compensation, compensated absences and general liabilities.
