(From City Journal)
When financial markets cratered in late 2007, state pension officials assured lawmakers and the public that the damage to government retirement funds was only temporary. . . .
A recent Wilshire Consulting report estimates that at the end of fiscal 2017, state government pensions nationwide were only 70 percent funded, down from 87 percent in 2007. . . . Many . . . are ill-positioned to withstand the next market downturn, and without further cost-saving reforms, taxpayers in many states will face steep new assessments in coming years.