SAN FRANCISCO — Nestled in the Redwood-studded hills north of San Francisco, Marin County has been home to the likes of Brad Pitt and Jerry Garcia.

And with its per-capita income of around $90,000 — one of the highest in California — you would not at first think that it would be facing $700 million in unfunded pension liabilities.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

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