[Mr981]

http://www.bloomberg.com/news/2012-0...roup-says.html

Moody's has it at about $2 trillion; the report states that the average pension is 41% funded--Yipes!

Apparently, one of the major culprits was the optimistic expected return on the pension fund investments--typically pegged at 8%. CALPERS earned just 1% in the past year indicating how far off even the major pension funds can be.

Naturally, the tax payers will have to make up the difference.