Even after 6 year of QE-extended recovery in US stock and high yield bond prices, deficits in public pensions continue to outpace all gains as cash-strapped states defer necessary reforms, and direct planned funding towards other short term expenses. One can imagine how much larger these deficits will be once the next bear market has had its way once more with now egregiously over-valued asset markets. See: Public Pension Tabs Multiply as States defer Costs and Hard Choices.
Central Banks were trying to bail out banks not pension plans with QE, but nonetheless, any hope for lasting ancillary benefit to pensions has not panned out. A temporary reflation in asset values has only bought an extension of misguided policies. For the pension plans at least, QE was a backdoor bailout that has not worked.