Apparently none of these big pension funds have ever used the services of an actuary. Brilliant.
Hint: when derby suddenly jumps on a pension fund it usually means someone has been dipping into the funds. Have worked RICO cases involving pension funds and this is usually the case. My first stop is to go directly to the fund manger / administrator because they’re almost always the cause. If they put up a big fuss when you want to review the books or subpoena the bank records you know.
A bankruptcy of the Federal Government (and thus the States as well) would have many bad consequences - but would have many good consequences as well.