NOT WRONG!   As late as the early '90s, PERS/TRS was thought to be over-funded and the great fear in the Executive Branch was that the Legislature would try to tap retirement funds for the Operating Budget.   I suppose that the Hickel Administration could be assessed some blame because of their indolence in the last couple of years, but the Knowles Administration willfully avoided the looming PERS/TRS underfunding because they didn't want to ask the polisubs, the employees, or the Legislature for the money.