What is there to say about the report in this morning's StarTribune about underfunded pensions? Not much, though you have to watch the KARE11 video last night to get the fuller impact of the obligation faced. (The video from two nights ago is delicious for "fans" of Larry Pogemiller.) No matter how you slice this, an unfunded obligation can only be funded one of three ways: You either cut benefits, increase contributions (from state employees and/or taxpayers), or you find a way to increase the yield on the fund. But they apparently should do so using a more passive investment strategy, after learning two-thirds of the Minneapolis teachers' pension shortfall could have been made up with a simple 50/50 stock/bond index fund rule. See more from State Auditor Pat Anderson. The taxpayers' association report is here.