This subject is too loaded for this platform but I’ll leave a few bytes to chew on:

1. The unfunded pension liability in the US is over $200T which puts us over 600% - IF AND ONLY IF you believe the assumptions

2.  Don’t believe the assumptions.   I’m an actuary and used to set these assumptions.   I quit pensions because of how corrupt this process was and I didn’t want to be part of the implosion with my signature on any of it.

Example:   Most of the big state plans claim they are well funded because they assume discount rates equal to the expected return of the assets.   

So even when rates are at local maximums like they are now, they are far below the 7 or 8% the big state plans like CALPERS are using - this makes the liabilities look a lot lighter than they actually are.    The 200T might be 400T just if we use a more realistic discount rate for the future claims.

Here’s a little essay I wrote after the BoE bailout to try and explain some of this

https://risk-fundamentals.ghost.io/pensions-finally-come-of-age/