City and state pension managers only need to change their stupid formulas to account for actual risk and variance in annual returns -- not some mythical 8% annual no matter how good or bad the economy does. Yes, some cities have been underfunding even the contribution amount and they should be held to account.

But the claims of unfunded liabilities are far overstated. The worst of them assumes that you have to have the pension fully funded for a new employee on the day they start working which is ridiculous in any business.