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It's a ticking time bomb only for a very few States.
Because most states have been underfunded outright no matter what return rates were since the late sixties to early seventies.

The issue and the morality of the short subject was a consistently debated subject in our two local papers when I was growing up.

I have argued the point for decades. Except with my brother in law. I explained this to him before he joined the police force and he blew it off, so now as it comes to fruition and he tries to garner sympathy at family gatherings I mock him and throw his earlier words right back at him.

Why would I do this? Isn't that mean?
No. The difference between someone who works twenty or thirty years expecting a pension after reality was explained to them and a student who borrows a hundred and seventy thousand dollars for a master's degree in women's studies expecting a high paying job is....well..absolutely nothing whatsoever.

And both of them are likely to demand that the public make up the difference between what they imagined (and some bureaucrat promised) and what was realistic.

A snowflake with a government job isn't anymore special than any other snowflake.