I had a conversation with my mom who worked as a government accountant and she said that she was terrified when she saw the numbers on these pensions.
Discussion
Being from Chicago, it’s been an open fact of contention that these things are around 50% underwater just from a book asset to obligation standpoint. Throw in worthless assets to the mix, and it’s going to be unfortunate for many. The assumptions they use are ridiculous and they refuse to make anyone take a haircut because you can’t get elected (or stay alive) that way.