[quote=gandalf]People who are outraged about public pensions should FIRST direct their outrage at the financial industry. FOLLOW THE MONEY.[/quote]

But those in charge of the public employee pension system made the decision to rely on wall street by promising a certain output rather than forcing a certain level of input.

Focusing on contributions takes wall street out of the picture.

Why force administrators to meet a certain level of growth ? It is just stupid because you can’t count on the world to provide you a certain level of growth, and we clearly can’t (and shouldn’t) rely on wall street to provide it.

Just make the benefit contribution-based and whoever is manging the fund will do their best with the money.

Nobody is entitled to a 15% return and certainly the taxpayers shouldn’t be making up for the shortfall.