Just pay out at the level of funding and that is it.
“Just pay out at the level of funding and that is it.”
Unfortunately, for both HI and CA that’s not going to get it, at least until the government entities go through a Chapter 9 Bankruptcy and actually have to cut the pension benefits they’ve handed out. Two cities here in CA ( Vallejo and Stockton) have gone through bankruptcy recently and they have elected to “fix” their fiscal problems while failing to deal with the pension deficit. This, even though a federal judge has told them that they COULD give PE pensions a haircut. But not to worry, they really have only kicked the financial can down the road once again, and they will go under again soon.
Exactly, set up an account for each of the 120,000, and put in an amount based on their contributions minus a percentage of the shortfall, and “See ya around!”.