The story talks about both retired and active members. If I recall, retired members already took a hit about ten years ago, but I'd have to check on that. I remember being pretty appalled when I saw the story.

Putting your retirement future in the hands of some kind of 401k is a methodology that some pension systems have adopted, but more have backed away from. 

Sometime explain to me what politicians gain by 'muscling through' their nominees to a pension board. What political goals to they have in doing this? And why would anyone want to be on one of these boards? As fiduciaries they are subject to very strict ethics rules and could be subject to jail if they were found to breaking those rules. So what's the great benefit of being on a pension board?