There have been a number of articles about our state pension fund being underfunded. They are still projecting a return on their funds of 7.25% after reducing from 7.5%. That's just silly if you ask me and an invitation for under funding. They got into trouble when the markets slowed in 2009 and even last year did not meet the goal. Even in times of higher interest rates, that still implies investments in higher risk bonds and stocks.
My last private employer, "almost" a fortune 500 company, allowed me a small pension, but they've discontinued any pension for new hires and have replaced it with slightly better matching of 401K contributions. My pension plus SS when I reach full retirement age will account for lees than half of my last middle class working wage. There is a perception among my former co-workers that state and government retirees get gold plated Cadillac pensions and health insurance that people with no pensions at all pay for in taxes. And on top of things, some have mismanaged their funding. I understand there are counter arguments to that, but I often get an earful on the issue.