It is time that PERS goes the way of company pensions.  Employees contribute to their retirement, a percentage from the company is also contributed.  401k's is retirement in today's economy.  Grandfather those already a part of PERS, new employee will have 401k's.  I'm 64, my Mom retired with a pension, but that pension was reduced over the years, when she passed she was receiving half of what she was promise.  When I started to work I had a pension plan, but as time went on, this to was gone, had a Thrift and Savings Plan (Pre 401K), the company I retired from was what ever I saved in the 401K and being employee owned what ever stocks I earned.  Paid out over a period of time.  I strongly feel the benefits that PERS has provided is in the past, it is time to join the real world.  Most everyone pays a lot towards medical, so why not your retirement.  This is the only solution, and please don't say this can't be done, companies have done this for years, no more pensions.