This sobering reality-check is brought to you by The Day:
The unfunded liabilities for the [Connecticut] teachers’ and state employees’ pension funds now virtually equal the total state budget for the year. There’s a $7.9 billion shortfall for the state employees’ pension fund and $6.9 billion for the teachers’ pension account.
The two funds have $14.8 billion in unfunded liabilities. The state budget for 2007 is about $15 billion.[...]
The state is funding the state employees’ pension fund at only 54 percent of the required level. The teachers’ pension fund is at 63 percent of the actuarial table.
The language in the column is a little rough and imprecise, but it does serve as a worthy reminder that there are many issues looming on the horizon when it comes to retirement funding.