The Kansas City Public School Retirement System (KCPSRS) has been very well funded over the last fifteen years and had twelve straight years with a funding level in excess of 100% from the beginning of 1997 through the end of 2008. In the last three years the funding level has moved from 99.4% to 93.1% to 84.9% last year. Pension experts tell us that a plan funded at better than 80% is very healthy. But how is the funding level calculated, and is the funding level the only determinant of the health of a pension plan?