Greece is not alone in underfunding its pension plans. Thanks to destructive financial advice and planning over the past 20 years, most pensions, endowments and individuals are seriously under-capitalized today.
The liabilities magnified by aging baby boomers were entirely foreseeable. Unfortunately most people did not like the math of how much present consumption had to be denied in order to save enough for the future. Now the future is here. Even after 6 years of Fed enabled recovery in financial markets, spectacular deficits are the norm and pension commitments are now claiming funding needed for other vital social services like education. Salman Khan explains the math in this video.
Illinois pension obligations: Using Illinois as an example of what happens when pension obligations are underfunded. Here is a direct video link.