"The state's three largest cities, which have their own independent retirement systems, are like many other cities hard hit by pension investment losses and generous retirement benefits boosted in good times.... Most cost-cutting pension reforms only cover new hires.... [P]ensions promised current workers are a 'vested' right, protected by contract law, that can only be cut if offset by a benefit of equal value.... The three largest cities, which are not in CalPERS, are using different strategies in their attempt to cut the pension costs of current workers."

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