Fully funded meaning what? Handing over the money to Wall Street and trusting that they can grow it by 2% a year? 5% a year? -5% a year?
There's no real reason why pensions have to be used to pump up stock market prices. Social Security can simply be expanded, cutting out the million dollar bonuses and ferraris from the process.
Yes, the core thing that I have a problem with is funding services on promises that are expected to be met at the local level. How to manage future compensation otherwise is a serious problem, but it's a better problem than funding services with promises.
I agree that a national benefit program is not as fraught as a local one.
There's no real reason why pensions have to be used to pump up stock market prices. Social Security can simply be expanded, cutting out the million dollar bonuses and ferraris from the process.