Fluctuations in the stock market and a lackluster economy are conspiring to create a major shortfall in the state retirement system over the next two years. Officials with the Maine Public Employees Retirement System say the costs of keeping the system in the black could reach $480 million dollars a year by 2012. Meanwhile, one accounting analyst says Maine needs to adopt a more responsible method of managing its pension debt and build the true costs of those expenses into its budget process.  More here.