Yet that is the modus operandi of governments worldwide that need to secure the votes of the old. There is no reason the US explicit has different rules for taxpayer funded and non taxpayer funded defined benefit pensions. They are the same liabilities, the same cash flows, the same probabilities, just different political entities on the hook.
Even some non taxpayer funded defined benefit pension plans are more privy than others, depending on the political power of their beneficiaries.
Even some non taxpayer funded defined benefit pension plans are more privy than others, depending on the political power of their beneficiaries.
https://archive.is/CJefA