"PERA is run by idiots".

Actually, the PERA folks are quite smart.  However, the economy and demographics have changed.  The legislature is in charge and has been in charge of making changes to PERA, both good and bad decisions.  But ultimately, it will be PERA members and retirees that will take future hits.  The Colorado body politic has tacitly agreed no more money from taxpayers, as the money is needed for supporting and expanding the current social safety net, especially Medicaid.  As PERA retirees' pension checks diminish via inflation or actual impairment, they will increasingly depend on programs such as Medicaid and food stamps.  That's just the way our society is headed.  Given the current political climate, collectivism is an unstoppable force.