Funded means tax surplus

Chicago Tribune: The U.S. Census Bureau released new migration data Dec. 20, and it's frightening. Illinois has a massive people problem.From July 2015 to July 2016, the state's population declined by more than 37,000 people. That's the worst population loss in the nation, and will likely mean the loss of a seat in the U.S. House of Representatives. Pennsylvania, which also experienced a net population loss in the Census, is now set to overtake Illinois as the fifth-largest state. Illinois is simply sliding backward faster.

Funded pensions is the equity and safe bond held, already, in reserve.   

The reserve holds value only in so far as the paper is backed by solid commerce, which depends on taxing surplus.  We sill have pay as you go, ultimately, the guarantor of pensions is the earning power of the folks who hired.

Taxpayers leave,Chicago has less funded and more unfunded; they are in collapse, we are at the emergency room.