In Pension accounting, the amortization period is how long it would take to pay off the current unfunded liability, based on current contributions, and current employees.
Typically, pensions try to keep that time at about 30 years, or a normal, long career. That does a pretty good job of matching contributions to liabilities.
The amortization period for PERA’s school fund is now 59 years.
PERA’s retirement age is 58.
Retirees who haven’t even been born yet are having their benefits amortized by current contributions.