Most,  if not all, of PERS problems were self inflicted wounds by the PERS Board in good investment return years,  where ALL of the gains over the 8% goal were given that year to those on the PERS system.  Not a penny was reserved for down years for investment returns.  The Obama foot on the neck of the Fed to keep interest low so he could deficit spend with minimal interest punished any and all who were saving or invested in their retirements.  Only PERS has a minimum annual return guarantee,  and zero obligation to leave any returned over the minimum in the reserves:  Public employees get the gains,  and the taxpayers get the underages to make up.  I don't think that is a contract,  because a contract has to treat each party with parity.  I don't think taxpayers are fairly represented in that scenario.  Unintended consequences,  windfall gains,  and losses infilled by the taxpayers.  The only answer I can see is to pare the size of government,  payouts to persons and entities.