Right Track - Stockton

The Californian city of Stockton is trying to become bankrupt.  I'm never quite sure why it's difficult, surely bankruptcy is being without enough funds to pay your bills and furthermore no hope of obtaining them.  However it seems that the city has allowed this situation to happen due to two circumstances.  a) A series of venal politicians who had no interest in the people who voted them in, and b) the public service unions who once again gouged the authorities for more and more money.  Now, I have the greatest respect for fireman and other public servants who are in the line of fire, but isn't $150,000 a year with retirement at 50 with 90% of salary plus full benefits as a pension just a little over the top?
Recently an administrator of a nearby city retired at 50 with a $500,000 a year pension plus full benefits to continue for life.  As the President of the country only gets $400,000 a year pension, isn't that a little too much?