[Hugh R]

JYL, that's a pretty good analysis. The key issue on cities such as Galveston is are the returns guaranteed? Plenty of cities and counties are almost bankrupt from pension guarantees made to their employees, like retire at age 50 when you have 30 years of employment. I know several City of Burbank, CA firemen who get their pension under a 50/30 plan and because their pension is based on their last year of employment earnings, they worked lots of overtime, and their accrued vacation adds into the mix, they retire with something like 125% of their last years annual income. Not social security, and perhaps a different subject.