A great many people, some even in the accounting profession, are coming to the opposite conclusion - that pension funds are adequately funded, but that returns, and perhaps more importantly, projected returns, are being systematically undercounted. In fact GASB rule changes are making projected returns look smaller than they should, not larger (even Detroit's emergency manage, Kevyn Orr, admitted as much by saying a 2014 GASB rule, which he implemented early in 2013, made projected deficits in the pension fund worse by $1.5 billion).
Then too, there is undercounting of Bond returns, says Reuters, undercounting of future employee contributions based on future salary raises, projection of liabilities years, even decades out, without corresponding projections of revenues, etc.
I document some of this, with considerable help form other experts, here:
http://www.opednews.com/articles/Detroit-is-Not-Broke-by-Scott-Baker-Ca…