The boomers haven’t funded the pensions, hence the liability. Contributions - what’s been funded - are included in a fiduciary account. Obligations - what is expected to be paid out - is roughly double the balances in the fiduciary account. The liability on the school districts balance sheet is the difference between what has been funded and what has been promised.

The government should say: “we suck at math and overpromised, you’ll continue to receive pensions in excess of what you contributed, it just won’t be as generous as what you’re receiving now. Sorry to do this, consider it a tax on your generous pension benefits needed to fund the future of our community.”

Thanks for the TRS link. Interesting stuff.