Experts say that while some of those overhauls have whittled state shortfalls, even drawing upgrades from bond-rating agencies, many of them have simply deferred pension costs to the future. And none have come close to closing their pension gaps quickly enough to keep pace with a rapidly aging — and retiring — public workforce.

“Illinois had the biggest unfunded liability in the country last year: $187 billion, from $134 billion in 2012, according to Moody’s.”

Kudos to the NYT for using a more realistic unfunded liability number – $187B – not the state’s phoney $91B.