I believe it.
A lot of assumptions were based on markets always trending up.
Retirement is based on it. So is healthcare and education.
Our system is not capable of a long term down turn.
Agree. The internal rate of return for the funding of the retirement contribution, especially to cover the unfunded liability could go sky high and cause the employer to default on the plan. PBGC insurance does not pay full amounts.
I used to audit various types of pension plans.