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CalPERS rate hike will hit California cities hard

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California’s largest public pension fund approved a rate hike on Wednesday that will see some local governments paying as much as 50 percent more for their employees’ pensions over the next several years. The California Public Employees Retirement System approved the higher pension costs as part of a plan to pay off its own liabilities faster, according to Reuters. CalPERS lost $100 billion in...

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