The PERS systems are adapting to greater longevity. As actuaries learn that people will live longer in the future, they are getting systems to dial back their

The PERS systems are adapting to greater longevity. As actuaries learn that people will live longer in the future, they are getting systems to dial back their pensions. In Washington State, the most expensive started working before 1972, and some state employees are now offered only a 401K. That said, there is also a challenge that when the market booms, "surpluses" are drawn out. When the market crashes, it's hard to make up for the missing investment.