zlacker

Longevity is not what did them in. It was regulators allowing them to PAYGO on medical costs. Only cash pensions were required to be actuarially sound. Medical benefits were yolo.

>>michae+(OP)
Longevity is absolutely a big factor in underfunded pensions. "Actuarially sound" is based on projections of how long retirees will draw from pension funds. When retirees start consistently outliving those projections, a sound pension rapidly becomes unsound.