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California State Pension Funds Going Broke, Stanford Study Finds
Stanford University Link to more items from this source
Apr. 6, 2010

Excerpt: New calculations by Stanford graduate students show that California's three main public employee pension funds are in more dire financial trouble than previously believed.... The students suggest either reducing pension benefits or moving to a hybrid system in which retirees receive a smaller fixed pension combined with a 401(k)-style plan. This would relieve some of the burden on the state and give employees more responsibility for their retirement. Two-thirds of Californians would support such a plan, according to a poll by the Public Policy Institute of California.

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