Public pensions are underfunded by $87,000 per public employee. This is greater than that which is underfunded in corporate pensions. The difference is that underfunded public pensions will not be protected by the self funded PPBC, which places limits on assumed payments at reasonable levels. Public pensions have no limits, meaning 100% guarantee, all at employer expense.
The hypocisy is evident when you look at the makeup of the GASB, responsible for fiduciary enforcement. Who is on the board, none other than public employees! Wow, and Dodd Frank bill calls for further investigation. Want to bet what the results will say?