District of Columbia Mayor Sharon Pratt Kelly and city council chairman David Clarke last week introduced legislation to eliminate the city's $5 billion unfunded pension liability.

The liability, if left unattended, could grow to $6.1 billion by 2005 and absorb an escalating amount of the district's revenues in the next 10 years, posing a threat to the city's credit ratings, city officials said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.