> Pennsylvanians have been complaining about teachers’ pension costs since 2001, when state lawmakers sweetened all state workers’ pensions — including their own — on the thinking that the bull market of the 1990s would continue indefinitely. That mistake was laid bare a few months later when Wall Street and the economy dived after the terror attacks of Sept. 11. But lawmakers said the pension boosts couldn’t be reversed.

This is so weird. Did they mean to say they didn't want to reverse them? It's been 20 years now.

Anyway, I do not understand how defined benefit schemes can operate in either public or private markets. They are unpredictable and the result is this article...