Ex-Chief of S.E.C. Says Pension Funds in Danger - New York Times

This is a serious concern to anyone that pays taxes. The tax payers are the ones on the hook for these liabilities. And this is not a low cost easy fix. For some states and large cities, the amounts can bankrupt a a city (see San Diego). There needs to be some new ideas, tighter regulation, and a shift to the defined contribution model. If this is not talked about soon, it will only get worse, much worse.