In theory, paying down the unfunded liability is a good idea. But these are big moves to gain at best a $5 billion reduction. It doesn't seem worth it honestly. And if PERS doesn't reform the manner it invests to increase returns and reduce expenses, that $5 billion could be added right back by a couple of bad investment years.

We need bold thinking to begin to find a solution. I don't see evidence that is happening.

Labels: moderation: safe