Let's not punish our retirees...work with a plausable plan.  Perhaps a buy out and have them manage their own portfolio.  Provide education on how to invest so they may even be able to beat the ROI provided by those who manage the ERS.  Daunting task but it can be done.  In addition, we can't forget about those who are incoming civil servants and make investment education a requirement, there are Target Date Funds which are rather balanced and almost self managing and if they opt for some higher risk (further out on retirement) then invest accordingly.s  We also need to reduce the Medicare benefit payback and coverage of others than retiree.  Just my thoughts...