This post is wrong on many levels:

"...all about greed" -  The PERS program was, and is, about providing a fair pension to public sector workers.  A few benefited more than  anticipated but the vast majority have modest pensions. Many changes have been made.

" ...playing the stock market" - Of course money is invested in the stock market, as well it should.  Money is also invested in real estate and other financial instruments.  The stock market has a long-term excellent rate of return.

"...making promises and knowing full well..." - Actually the PERS returns matched the "Assumed Rate" (or exceeded it) for many years.  Only until the past decade has the return not done as well and this was a very bad decade for a lot of investments.  PERS reforms have eliminated these guarantees for most public sector employees.  The real issue is legacy costs.

"Granted only a select few..." - Well, you got that right.  

"Greed > Fairness" - Honoring commitments > I got screwed so you should too.