Earlier this month, legislative leadership introduced Senate Bill 1049, which proposed to reduce the unfunded liability of the Public Employee Retirement System by lengthening the repayment period, asking public employees to contribute to their pensions, and changing the rules about how many hours retirees would work. By far the biggest source of relief in that initial proposal is stretching out the repayment period, which is essentially an accounting gimmick that adds risk to the system without reducing employers' liabilities.