Includes “Both PERF and TRF are hybrid plans in which both the employer and member have funds at risk. … This concept has been part of the Indiana system for a generation. … TRF’s pre-1996 fund is a pay-as-you-go plan that has been in place since 1921. … Typically, in pay-as-you-go plans, no funds are set aside today to fund projected benefits years in the future. Instead, these plans are funded in the year the benefit payment is provided to the member. The federal Social Security system is pay-as-you-go.”