State pension bailout only postpones the reckoning

(Centennial Fellow) Rescuing the Public Employees Retirement Association (PERA) is nothing new for state lawmakers. Twice in the last decade, legislators have thrown PERA a lifeline, forcing the state, school districts, local governments and finally even workers to chip in hundreds of millions of dollars to keep the plan afloat. As recently as four years ago, PERA and many employee groups refused to acknowledge the plan’s peril, despite assets falling from 105 percent of the amount needed to pay benefits to just 70 percent from 2000 to 2004.