Massively underfunded public and private pensions, and all the risks inherent therein, have been a frequent topic of conversation for us recently. Today, Tobias Levkovich at Citigroup published a report pointing out just how dire the situation is for the S&P 500’s largest corporate pension funds. The study found that pensions of just the companies in the S&P 500 alone were over $375BN underfunded at the end of 2015 with the top 25 underfunded plans accounting for over $225BN of the underfunding. Moreover, Citi pointed out that pensions don’t seem to be p