In Illinois, the teachers pension system is the worst shape because of pension spiking. Many teach for 25 years and then become an administrator for 5 years at double the salary. On a money purchase formula they would retire at lets say 50K instead of 100K. Illinois stopped the worst of it about 10 years ago, but the damage was done.
I have no problem with these pensions being tossed altogether; anyone who thinks the municipalities that employed the parasites are going to (or will even be able to) foot the bill is delusional.
Here in NJ we have a situation where current taxpayers are squeezed to pay for “services” rendered decades ago, while little is left for current services; the result is flight from the toxic IOUs these municipalities have incurred, and they degenerate into cesspools of illegals and welfare populations (neither of whom pay taxes in any way, shape, or form).
NJ, NY, and CA are screwed because there is a huge disincentive to come and make money there (either as an employer or employee).