Teacher benefits, once a sleepy question primarily of interest to actuaries, have become a flash point in the education debate. With individual states on the hook for tens or hundreds of millions in unfunded pension and health insurance obligations, state leaders are trying to determine the severity of the situation and the appropriate response. In this forum, Robert Costrell of the University of Arkansas and Mike Podgursky of the University of Missouri argue that the situation is critical, but offer an opportunity for overdue reform, while Christian Weller of the University of Massachusetts-Boston argues that measured steps will put teacher pensions on sound footing. (Contains 2 figures.)