Two Detroit municipal pension plans have lost $2.5 billion over 18 months, and analysts say the 30 percent drop could create a cash crunch in a police and firefighters retirement fund.

The losses between June 30, 2007 and Dec. 31, 2008 aren't much different from those of other American public pension systems hit by the worldwide economic downturn.

For example, holdings by the California Public Employees' System fell 26.7 percent to $184 billion, and the Florida Retirement System Pension Plan lost 28.6 percent of its worth, falling to $97.3 billion, the Detroit Free Press reported Sunday.

An analyst for Detroit Police and Fire Retirement System, Richard Huddleston, wrote board members Jan. 28 that while the fund had $3.1 billion at year's end, only $1.27 billion was readily available.