Relevant:
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- Automotive Pension Disaster; $42 Billion in Pension Promises Completely Unfunded
- Schwarzenegger calls for two-tier state pension system
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2010-04-27 — zerohedge.com
"...unfunded pension liability is next year's budget cut—or tax hike. This year $5.5 billion was diverted from other programs such as higher education and parks to cover the shortfall in California's retiree pension and health-care benefits. "
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