Public Pension Underfunding and Governance Risks

Equable 2026 survey: $1.37T unfunded, AI concentration risk. Illinois $200B+ unfunded (52% funded). NYCERS pension abuse, California AB 1383 would inflate returns. Rockford, IL police/fire pension shortfall $500M, 44-51% funded, contributions eating all property tax revenue. Dallas $1B bond proposal includes pension fund payments. Governance turmoil at STRS Ohio and Oregon PERS. Taxpayer burden growing.