OPINION: Reality penetrates public employee pension system, but not far enough

A recent decision by state pension fund officials to reduce expectations on future investment returns is a positive step toward a more realistic approach, although it does not go nearly far enough, writes columnist Dan Walters in the Modesto Bee. Increased pension benefits promised to government employees combined with poor investment performance has resulted in rapidly increasing unfunded pension liabilities that urgently require constructive attention by policymakers.

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