The Pension Hole for U.S. Cities and States Is the Size of Japan’s Economy https://www.wsj.com/articles/the-pension-hole-for-u-s-cities-and-states-is-the-size-of-japans-economy-1532972501
The realization that defined benefit pension plans are unsustainable is not shocking. The continuing issuance of such plans is the shocking part. At some point, change will not be a decision, but a necessity created by crisis.
People already retired or close to retirement should not be penalized. For others with time to adjust, employers must provide a different option for them. Also, people should consider bolstering retirement plans with personal savings plans as well to maximize retirement funds.
Kicking the can down the road only works if there is still road left. Big promises were made for short term gains with long term costs. Lets stop making a bad problem worse.