“Did the “actuaries for the State Employees’ Retirement System of Illinois (SERS) deviate from industry standards for public pension funding and assumption setting? Sadly, I think not,” says actuary John Bury.

Comment: Mr. Bury’s point — he’s an actuary —  is that industry standards are the source of overly optimistic assumptions. He’s right, which is one reason why defined benefit pensions are a systemic, national crisis.