With all due respect, I must point out that the Editor's July 30 column on pension benefits and funding risks leaving the reader with a false impression. The statement that taxpayers assume "all investment risk and funding responsibility" for PERS and PFRS pensions is simply inaccurate. Each paycheck that a PERS and PFRS employee receives includes a deduction for their future pension. The statement that in "sharp contrast" private sector "plans depend on employee contributions and market performance, not taxpayer guarantees," creates a false dichotomy, even if not intentionally misleadi