By Amanda Albright, includes “One city deep in the heart of horse racing country may have some lessons for the rest of the U.S.'s underfunded retirement systems. … In 2012, Lexington, which uses a joint city-county government system, had a $296 million unfunded liability to its police and firefighter pension plan. … For more than a decade the city repeatedly borrowed money to pay into the retirement system, a risky practice akin to using a credit card to pay off debts. …”