"The increases stem from a variety of causes, including the system’s poor investment performance during the last two years and inflation-driven payroll growth that far outstripped assumptions, both of which require heftier contributions from employers.

But for those facing the steepest increases, the fundamental driver is the shrinking and coming expiration of so-called side accounts they previously established with PERS, using borrowed money to place a side bet on the system’s financial performance.

Between 2003 and 2008, more than 100 government employers around the state made such bets. Schools, cities, counties, community colleges, even the state itself, collectively issued more than $6 billion in pension obligation bonds, then forwarded the proceeds to the Oregon Treasury to invest alongside the pension system’s portfolio of stocks, bonds, real estate, private equity and other assets.

Employers were effectively gambling that the returns generated on the borrowed money would exceed their debt payments on the bonds, generating a surplus that PERS could use to offset employer’s pension costs."

School Districts were degen'ing for gainz to fund the oension system, and now districts will have to cut services to students to fund the difference. So fucked.