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"[T]he Los Angeles City Council voted Tuesday to roll back pension benefits and boost the retirement age to 65 for new civilian employees.... Under the new plan, spouses of retired workers will no longer be eligible for city-funded healthcare. City employees will see their take-home pay reduced in years when their retirement fund takes a hit in the stock market. And workers who retire at the age of 55 after 30 years of city employment will receive pensions that are roughly one-third the amount provided to existing employees."
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