50-80 years?  Where do you come up with that?  PERS has been a defined contribution plan since 2003.  Are you predicting that life expectancies will rise to 120 or so?  

Let me say again I am not for a minute buying these $40 and $50 billion dollar guesstimates of deficits.  They are very pessimistic--so pessimistic in fact that they suggest ulterior motives.  Everyone commenting on PERS should read the briefing released yesterday with the Board.  Among other things it shows solid long term returns.  Do we need to address the issue?  Of course.  But let's also keep cool and reject inflammatory ideas.