"Unfunded pension liabilities" is one of those phrases that shrivels up the innards of those of a certain age. If you were fortunate enough to be employed somewhere that actually offered a pension as part of your benefit package, you may now find yourself feeling swindled, or at least mistreated, after years of work and no "pot o' gold" at the end of the line.
Promises made are not always promises kept, even those made in good faith, and not with fingers crossed behind the back of the entities making the promises in the first place. A lot of company pension funds are finding themselves way, way underwater these days. Even so, things can be improved with some effort and willingness to get the job done.
ReasonSome rare good news about the state of public employee pensions is coming out of Arizona this week. Republican Gov. Doug Ducey has just signed legislation to help fix the state's underfunded pension system for public safety employees. It's legislation that has support from all sides—a difficult challenge given how implacably public sector unions have fought any changes to pension systems.