The unfunded liability will last out most another 50 years (when the last of the employees covered by these generous pensions dies). New employees receive far

The unfunded liability will last out most another 50 years (when the last of the employees covered by these generous pensions dies). New employees receive far less favorable pensions: either significant reduced defined-benefit pensions, or a switch to defined-contribution pensions. New employees are also subject to higher retirement eligiblity raises and cannot apply as much (if any) vacation time or unused sick days toward increasing their pension-base salary.