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Are public pensions going to be affected by this drop? How did they respond in ‘08 and other crashes? Will future promises for pension payouts be lessened?

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Pension funds, generally speaking, are bankrupt and anyone who is depending on one is probably in for a big surprise.

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I agree that they are promising these folks wayyyy too much money and these funds will probably run into financial trouble, but I expect all of us, the taxpayers, will have to foot the bill

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There other problem with public pensions is that many state Constitutions require paying them as promised. Only way out is bankruptcy al la Detroit. No elected official cares because they won't have to deal with the aftermath. Heaven help people in IL & Chicago if they are forced to offer early retirement to employees. IL constitution is one guaranteeing pension payments at contractual rates.

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Public pensions are likely to keep their unrealistically optimistic projections of returns, which will keep being at odds with the long term returns of the funds. I wouldn't be surprised if politicians in some areas actually increase the pension promises to public employees coming out of this, you saw that to an extent after '08, too. Public employee unions will continue to not give a damn and ask for the moon with every contract negotiation, so all of these factors will combine to hasten the final bankruptcy of public pension plans across America.

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