"[T]he pension storm isn't coming, it's been here for years and will only get worse. Whenever people talk about pensions, they typically focus on assets, not liabilities. This is a fundamental mistake because pensions are all about managing assets and liabilities. In short, it's about the funded status, stupid, not bragging about how much money your pension plan makes in any given year. This is especially true in the US where you have mature, chronically underfunded pensions which are poorly governed. No matter what they do, they will never be able to invest their way back to fully-funded status."  MORE >>