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Houston Faces $1 Billion Pension Shortfall; Taxpayers May Have to Foot Bill
Houston ChronicleLink to more items from this source
Mar. 1, 2004

Excerpt: The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the [Houston] Chronicle. A few will retire as millionaires.

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