Well the PERA board must be pretty stupid then (according to your logic), because they manage to keep screwing it up and we end up back in situations like this (a 44% chance of insolvency) for the very reasons I've stated and that you seem to think are "easy".  Blame it on the legislature if you want, but it's ALL PART OF THE PROCESS for public sector pensions. You can't pretend that doesn't exist just because you don't want it to.   

Most of these problems wouldn't exist if they simply paid employees "now" money to 401(k)s instead of the guesswork that is a pension plan that pretends to know how much it will have to pay out in half a century.  

Tell me, how much is your house worth today? 
Now tell me how much your house will be worth in 2050?

Maybe that little experiment will help you understand what I'm talking about.