I’ve posted about this before. Over the last 5-6 years to percent of budget going to pensions has doubled. It’s why cities claim they have a tax revenue problem despite 5%+ per year growth. There’s no escaping the compound interest monster made worse by pension under performance vs. the market. It’s only going to get worse. The big stock market decline is going to be extra brutal, since the problem has gotten worse during a massive bull market.
They celebrate beating a 7% target but their returns lag the market.