Denver RTD Union Pension Plan

It would make me wonder and perhaps ask questions.

From the RTD 2008 Financial statement:

Based on actuarial valuations performed as of January 1, 2008, the RTD Plan had no unfunded actuarial accrued liabilities, and the Union Plan had unfunded actuarial accrued liabilities of $39,461,146. The actuarial value of assets for both plans is determined by spreading gains and losses over a five-year period.