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California Pension Initiative Shows How Young Pay Pensions of Old
Calpensions 
Oct. 21, 2013
"The point of the drive led by San Jose Mayor Chuck Reed is to allow state and local governments to cut budget-threatening future retirement costs that are now apparently locked in by court rulings, while protecting pension amounts already earned. But the proposed state constitutional amendment ... also requires a government agency with pensions or retiree health care less than 80 percent funded to prepare a plan to reach full funding in 15 years. Most pension funds try to get to full funding in 30 years."
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