@lisaabramowicz1 @pensionsnews they should definitely lower the rate as not believable, and lower the pensions as well
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can't retroactively do that under Californian law.
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They should lower the rate. At just 68% funded, the system is nearing a dangerous tipping point from which it may not recover
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I know. I'm also thinking about what it implies for current programs. Cuts, etc.
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@lisaabramowicz1@pensionsnews as non state worker : we all pay more in taxes to fuel someone else retirementThanks. Twitter will use this to make your timeline better. UndoUndo
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@lisaabramowicz1@pensionsnews if California wants to secede,#Calexit, peace!
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@lisaabramowicz1 Return estimates have been overly optimistic for 20 years. "Lower" may not yet mean "realistic".Thanks. Twitter will use this to make your timeline better. UndoUndo
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the changed in assumed rate of return is not the big deal. The hole existed before and after, now its just documented and open
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@lisaabramowicz1@pensionsnews nearly every public pension system over estimates returnThanks. Twitter will use this to make your timeline better. UndoUndo
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