But most of these pension plans are all undercapitalized for the amount of payouts they've promised. They all assume 8% yoy return for the funds, but 10 year treasury bonds have earned less than 2% for years (going up a bit now).

So, they go heavy in stocks to try and make up the difference. What happens if stock markets crash? All the pension funds are insolvent.

Then watch people lose it.

That's what government workers get for trusting their retirement to criminals they refused to indict for fraud for almost 30 years now.