Defined-contribution is now the only way to save PERA
Re: “Put PERA on a path toward solvency,” July 5 editorial.
Your editorial on a certain path to solvency for the Public Employees’ Retirement Association is wishful thinking. PERA not only has an unfunded liability of $32 billion, but also and unfundable liability for that amount. The inherent lack of knowledge about beneficiary longevity and investment returns ensure said unfundability.
The state legislature had the opportunity in 2010 to change PERA to a defined-contribution program, which would have slowed and ultimately stopped the financial bleeding. Defined-contribution is now the only alternative. David Wyman, Englewood