Inventing new accounting terms

RICHMOND, Va. (AP) — Virginia’s pension fund is in a worse position to handle a market meltdown than it was before the Great Recession more than a decade ago, according to a recent state report. That’s despite a 10-year bull market and pension reform efforts by lawmakers to make the fund more resilient.The Virginia Retirement System’s recent “stress test” predicts that a market crash or several years of lower-than-expected returns would add billions to the plan’s current unfunded liabilities. Such hits would leave lawmakers with limited and painful options, like slashing services or raising taxes to meet required contribution levels or underfunding the pension plan and leaving higher costs for future generations to pay off.“If we were to go through what we did in ’08 and ’09, we’re screwed,” said Secretary of Finance Aubrey Layne said in an interview earlier this year. “We’re screwed, I don’t know what else to say.”

Just say it was in the accountant's report, rated  'Just screwed', one lower than junk.