I'd disagree. Fully funded would probably look more like 300% of what is expected. People are living longer. If healthcare is included in the pension, it is a v

I'd disagree. Fully funded would probably look more like 300% of what is expected. People are living longer. If healthcare is included in the pension, it is a variable cost we can't even measure in terms of future cost. Additionally, pension have to be managed and administrated. This is pure wasted money. Every pensioner would be better off taking the money that is set aside for their part of the pool and putting it in a Vanguard index fund. When you start to withdraw, you know how much you have left and you haven't paid tons of kickbacks along the way. When there is a recession, you can scale back your withdraws until there is a recovery, etc. Fixed benefit pensions can never be anything but a pyramid scheme. Otherwise, your pension would be more by doing what I state above because the administration is near zero. The pension funds have never done better than the S&P over any reasonable time window. Pensions will always have unnecessary overhead.