I think the only responsible thing to do is to vote to lower the assumed rate of return given PERS recent investment history.  However, multiple problems will result from this course of action and the state's "budget crisis" will substantially increase in size, services will have to be cut, staff will have to be reduced and there will be more calls to increase taxes.  Some of the negative effects will not be felt for another year or two given the budget cycle but ultimately PERS will demand substantially greater contributions from participating employers (public agencies) which will reduce the amount of money they spend on direct provision of services.  Benefits will consume an ever increasing proportion of agency budgets over the next 20-30 years.  Oregonians will be worse off for the higher taxes that must come and I would predict that within 5 years we will rank with California and New York for high tax rates.  Sad but true.