How a forgotten 1999 law caused California's unfunded pension liabilities to grow to $241 *billion* http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/ …
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Replying to @kimmaicutler
2) 6 mos before 2000 dot-com bubble peak, CA signed a law which led to ~$300B in unfunded pension liabilities.pic.twitter.com/1issJw4ruI
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Replying to @kimmaicutler
Its an unbelievable wealth transfer from the young to the elderly. Hard to believe it's not contingent on actual returns.
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Replying to @adamnash
alternately you could lower the expected rate of return, which they've considered. But would also affect current services.
10:51 AM - 18 Sep 2016
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