In my view unfunded pension liabilities is the giant elephant in the room. Public pension liabilities need addressing pronto. In my view caps on the amount need to be implemented - equivalent to the maximum social security payout or the actuarial value of the contribution. The fiscal stupidity of a % of highest year salaries has to go. The same goes for private sector union pensions. No bails out without a switch to defined contribution plans.
NYS doesn't tax the retirement income of its precious state retirees...as do many states I imagine....START now, immediately....recoup some of the obscenity that is the govt pension system...
indexing will sadly have to play a role....so all you double and triple dippers out there will have to have all your pensions indexed in some way.......there is no alternative other than no pensions.....
401's should be highly encouraged and be solely paid into by the worker....and should never, ever be taken over by the govt...