Public Pension Underfunding, Investment Risk, and Governance Pressures

State pension unfunded liabilities remain estimated at roughly $1.37T, with apparent funding improvements vulnerable to market returns, discount-rate assumptions, and contribution discipline. Allegheny County's approximately $1.4B pension deficit, potential 2043 insolvency, and proposed taxpayer sales-tax rescue remain a major local-crunch case; Connecticut and New Jersey illustrate how strong returns or full contributions can improve near-term metrics without eliminating structural liabilities.