The villain in this story, like so many about public pensions, is an unrealistic discount rate. Rather than increase government or employee contributions, pension boards and legislative bodies bet on a far higher rate of return than can be justified. In plain English, they are kicking the can down the road.
Avoiding unpleasant solutions to latent problems is endemic in democracies. Why do the hard thing that will get you un-elected? Better in the service of self-interest to let the problem fester until it can no longer be ignored but someone else in is office.
Oh well. It's not my problem. After all, I won't have to count on drawing a public pension. Or will I?