What's the big deal? Just confiscate money from taxpaying, traditional American familes....
Oh wait... Only the scumbag government can do that.
Most Cities and States are also underfunded in their retirement and health care funds. Of course they don’t stand much chance of going bankrupt with the taxpayers underwriting them.
If given the chance..take a lump sum rather than traditional pension. You can always use that to buy your own annuity..or invest yourself.