Lol don’t feel like you should know everything as a subscriber! I’m a complete amateur with all this liberty, but joined for learning purposes.
To my understanding, in the most layman terms I can think of, “An unfunded liability is debt, i.e. something owed, but there has been nothing set aside or invested for the future payment of the debt.”
But hopefully Jeff can weigh in since I have no idea how all the unfunded liabilities are calculated.