As I noted previously, John Bury is an actuary turned newspaper commentator and blogger in New Jersey, who has published detailed analyses of the upcoming pension disaster. He is non-partisan, for example noting in New Jersey that a large part of the problem is the fault of past taxpayers who did not pay enough in, not just public employees taking too much out.
In his latest post, he does some calculations on individual New York City public employee pension funds, and finds that the fund for NYC teachers is the worst funded of all, with a "drop dead" date of 2019. This doesn't mean that pensions won't be paid. It might mean that property taxes will be raised so high that all the properties would be seized, and former homeowners would become tenants of the pension fund (and not rent regulated tenants either). And it might mean that public education is de facto eliminated as money is shifted to pay the pensions. In any event, read Bury's post, look at his numbers, and remember this pension enhancement a little over two years ago. One that was supposed to cost nothing.