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California State Government Ponders Money Contribution Obligation to Public Employees' Retirement System
Capitol Weekly 
Mar. 20, 2009
Excerpt: The dramatic decline in Cal-PERS' value has had no impact on members' benefits which, fund officials emphasize, are protected by law. CalPERS provides about $11 billion annually in pension benefits, a figure that doesn't include health care. But the state of California and some 100 local governments are obligated to protect those pensions, and if CalPERS cannot do it because of its dwindling assets, then the state and other governments are obligated to step in.
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