Editorial, includes “… Public pensions have long over-promised returns and under delivered. … defined benefit pensions are complicated. They involve calculating payouts decades in the future. There are assumptions about life expectancy and age of retirement. … All this makes it easy to trust the ‘experts.’ But the experts keep getting it wrong — and leaving taxpayers on the hook. … Government pension plans have promised more than they can deliver. Instead of leveling with taxpayers, pension managers are taking more risks — potentially leaving taxpayers in an even deeper hole.”