this was a key part of Michael Lewis' Boomerang, citing talks with San Jose mayor. It's absolutely happening.
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just finished the book. Is there any way to fix the public pension crisis in CA and beyond?
End of conversation
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That's also assuming 7% annual state fund investment returns. Since 2013, they haven't come close to hitting that.
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Time to switch to defined contribution, rather then defined benefit pensions - statewide.
End of conversation
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