Actuarially smoothed Plan assets divided by the discounted value (using the assumed earnings rate on asset investments) of Plan liabilities where those Plan liabilities are the assumed future cash outflows … incorporating the assumed amount and timing of of those cash outflows.

The shortfall is about 40% … with no assumption that that would only be true if all retired today.

Bottom line … yes, the Plan won’t run out of funds soon, but barring a miracle, it is almost certain to do, so leaving Plan members with a Plan with no assets …… and at the mercy of taxpayers to pay benefits on a pay-as-you-go-basis from annual revenue.

I’ve got a bridge to sell you if you believe Taxpayers will go for that.

But not to worry … the old fogies like you (that won’t materially compromise) will keep taking their fully promised (excessive and underfunded) pensions helping to run the assets to zero, leaving your younger, shorter service “brothers” in a lurch.