Today's PERS contract for workers hired after 2003 is much less generous, on many levels, than the Tier 1 and Tier 2 benefits. And the Tier 1 and 2 benefits are contractual obligations, upheld by the Oregon Supreme Court after a State challenge to those obligations. 

So here we are, with very few good options. Nothing, and I mean NOTHING will stop what's owed to Tier 1, 2 workers and retirees. 

The only option is to bite the bullet and pay it and going forward, ensure today's pensions are sustainable OR move the public workers to a 401k type system, which the state will still need to contribute towards, but won't have legacy costs and investment performance won't affect state obligations.