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The 'California rule' on trial : The state Supreme Court considers whether government workers' pensions can be cut.

Mar 06, 2019 - Los Angeles Times

Faced with rising obligations to current and retired public employees, the state of California and many local governments are pouring an increasing share of their tax dollars into pensions. Yet they still face a mountain of unfunded liabilities. The pension systems estimate that they are underfunded by $331 billion, according to the California Pension Tracker project at Stanford University, while many argue that the amount is several times higher.

The enormous shortfall helped persuade the...