BRADENTON, Fla. — A myriad of options, including the use of pension bonds, are being considered in Atlanta, where spending on retirement benefits has soared to 20% of the city’s $523 million annual operating budget and the unfunded liability is now $1.5 billion.

In addition to pension obligations that are only 53% funded, the city is grappling with other post-employment benefits for which the unfunded liability currently is estimated at $1.1 billion.

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