As a Tier 1 retiree, I say "get your hands off of my gold-plated pension!"

I am a Tier 1 retiree (from a few years as a UO faculty member back in the 1980's), but I actually fought hard to claw back some of the illegal allocations to me and other Tier 1 beneficiaries.

Boy, was I excoriated by my "friends" who weren't about to give up any of their undeserved gains.

At the time, I had a unique opportunity to get to bedrock facts because I was an EWEB commissioner as EWEB pursued its lawsuit against the PERS board for 4 years of illegally high allocations (instead of funding reserves). EWEB won on the facts, but 3 years were ruled as beyond the statute of limitations.

The simple story is that the investment board did a good job, but the PERS board that made the allocations literally "stole" the earnings from future generations of workers.

There's more to this story -- the mismanagement didn't end with the end of Tier 1. 

But those are topics about which my knowledge isn't as deep.