Precisely.
The only reason I ponder as a defense to the catastrophe is that the plans, generally are very generous and still have a lot of money. In my mid-size mid-western city, the pension is slightly underfunded (not as bad as the worst cities) but that is with fire/police receiving pensions that are 70% of their last three years salary and that, until recently, allowed them to "spike" their pension by working huge overtime in their last few years. The result was working for 20 years and retiring at 45-50 with a 70k a year (sometimes higher) pension. Then they would go work at a neighboring municipality and be making a salary on top of the pension. That is a very sweet deal.
Anyway, my point is if those benefits end up being less than expected, some people will be very upset but not homeless.