You are assuming these are defined-contribution plans. These by definition self-fund, as what gets paid out is directly related to what gets put in and the fund

You are assuming these are defined-contribution plans. These by definition self-fund, as what gets paid out is directly related to what gets put in and the fund's performance. Problem pensions are defined-benefit, where regardless of the amount of inputs and fund performance, the payments are guaranteed. Even worse, most pensions in America assume 8% average annual return, which is absurd. The whole thing is a house of cards.