Teachers' $500 Billion (and Growing) Pension Problem

Time reports:

Today there is an almost $500 billion shortfall for funding teacher pensions, and that gap is growing. Why should you care? Because ultimately taxpayers are on the hook for that money. But the problem doesn't just end there. The way teacher pensions operate is badly suited to today's teacher workforce, where 30-year careers are no longer the norm. The current set-up penalizes teachers who move between states, switch to private or public charter schools that do not participate in the pension system or leave teaching altogether. Meanwhile, it becomes financial suicide for teachers to change careers after a certain point even if they no longer want to teach or are not good at it.