The PBGC has two programs, one insures single employer pensions and the other multiemployer, union-sponsored pensions. Both are insolvent, but the multiemployer program is in far worse shape: it is well and truly broke. Its liabilities of $54 billion are 27 times its assets of $2 billion. There are on top of that "reasonably possible" losses of another $20 billion.
Very much related:
"Politicians ignore long-term effects as they seek instant payoff".
"California's Retirement Fund Is In Big Trouble". (Note the source.)
"California’s ignored pension crisis is only getting worse". (By Chuck Reed.)
We have created a system that is routinely and massively underfunding our obligations. With few exceptions, such as Fresno, other pension plans in California suffer from similar problems. Our accumulated debt for government employee retiree health care is nearly as large as the debt for pensions. Our failure to acknowledge the problem and to take reasonable remedial actions has run up an enormous debt that will not only burden current taxpayers, but future generations.
Our public employee union leaders say the solution is to raise taxes and cut services. That’s what we have been doing for years and no doubt more will have to be done. But it’s not enough.
"The California Pension Bomb Just Got More Explosive".
"What are Illinois' real pension options now?"
"Rising Pension Costs . . ."
Five of these last six links via Pension Tsunami, an excellent source for bad news.