State Pensions - What went wrong
I have not finished reading the whole article on state pensions, it is long, but it looks to be a good summary on what happened with state pensions.
Not sure how various states are set up, but Oregon has 3 tier levels to state pensions. The first tier is unlimited liability to taxpayers and was discontinued in 1990, tier 2 puts set funding aside and the pensions must be adjusted according to what's in the pot and I am not quite sure about tier 3, but it is another reduction in benefits. I have not looked it up -- this is what I got from my sister-in-law who is a county commissioner in Oregon. If I understood correctly, if pensions had been set up like the tier 2 in the first place I don't see that there would be this pension mess.