My guess is that the city will be saved by the bell if only because the folks at PMRS will just kill the folks at PERC if they wind up being stuck with Pittsburgh's pension system. Accounting fictions or not, will there be a literal cash issue at some point if all this goes through with so much notionality on the books?
Let them spend IOUs.
Seriously, I would love the legal minds reading here to tell me if an asset is an asset if you can't sell it? That and whether anyone really thinks the city's IOU to its own pension board could be sold to a third party for cash. I bet one of those advertisers on tv offering to monetize the annuities some folks have would be happy to make an offer. The interesting question is.. what would they value it at?