I know this is semantics, but words do matter. 

Retirees do not get a "paycheck" from PERA.  They get retirement benefits.  There is a difference.  For example, people that receive Social Security do not receive a "Social Security Paycheck."  They receive "Social Security Benefits."  

The benefits are conditional based on the availability of funds in the system and the number of beneficiaries.  

As a former state employee, I believe that Government has an obligation to honor the commitments it made to its employees.  Part of the reason they took a job in the public sector was to have retirement benefits.  That said, I also recognize that retirement funds are subject to poor returns/growth, and to mismanagement.  People (no matter if they are in the public or private sector) should not leave their retirement up to a government or a corporate pension.  Save money on the side for yourself.  If you happen to get a pension or retirement benefit, that's great. But retirement is on you.