Either this is mish-mash, or my reading comprehension has degraded tremendously.
Usually pension “reform” is a euphemism for reduction, and David does say… “For example, Rhode Island suspended annual increases until pension funds are better funded and moved some to-be-earned benefits to hybrid plans. Acting similarly in…
"Investment return assumptions in California are set by boards dominated by self-interested public employees who have an incentive to push costs to future citizens."
David Crane Dec, 2016 (Next Generation Is On CalPERS’s Menu)