NB,  Here is the problem, if PERS pays out more money than it gathers from taxes and stellar investing, it goes bust even if a young Warren Buffet is the manager.  That is occurring now which is why everyone is writing about the 22 - 50 billion dollar short fall.  So far the only answer anyone has come up with is to raise taxes to cover the short fall for the next 50 - 80 years (guessing here).  If the voters continue to say no, which they should in my opinion, slowly then rapidly the rest of the state budget will be consumed by PERS assuming voters and non-voters (the People) don't rebel.  Does it have to come to this, no, but it will take leaders of principle and moral character who are prepared to be voted out of office to do what is financially, politically, and socially right.