This chapter argues that municipal debt monitoring is an important but underappreciated component of retirement security. Municipalities promise pensions and retiree health benefits, debt repayment, public services, and tax stability from the same fiscal capacity, so fiscal deterioration forces tradeoffs among these claimants. Effective monitoring requires acquiring, verifying, using, and acting on fiscal information before imbalances become acute. We argue that monitoring failures in this market are structural rather than incidental, reflecting fragmented principals, weak incentives, opaque disclosure, and limited enforcement. Professional intermediaries lower information costs but hold narrow mandates, leaving no actor with both the incentive and authority to safeguard fiscal sustainability. […]