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      		<h1 class="title" id="page-title">Public Pensions Crisis</h1>      		      		      		
  
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    	<p style="text-align: justify;">Public employee pensions in the United States were historically reserved for wounded combat veterans who could no longer provide for themselves as a result of their service to the country. Few would disagree with such an honorable goal.</p>
<p style="text-align: justify;">In the early 20<sup>th</sup> Century, though, things changed. Public pensions were created partly to entice public employees to work for less, with the understanding that additional compensation would come in retirement. From that initial starting point, public employee pensions have become a tremendous burden on government budgets. In <em>A History of Public Sector Pensions in the United States</em>, authors Robert Clark, Lee Craig, and Jack Wilson attribute the growth of and difference in public pensions (as opposed to private retirement accounts) to “(1) rent seeking by public employees, (2) patronage versus merit in public sector hiring practices, and (3) Progressive Era politics"</p>
<p style="text-align: justify;">For the last ninety years, a growing pool of public employees have been promised defined benefit pensions which commit pension funds and governments to provide guaranteed retirement funds. Private sector retirements, on the other hand, are largely based on a defined contribution plan which employees and employers may contribute to, but the amount available for retirement is dependent upon how well the investment fund performed. By guaranteeing set retirement amounts to public employees, taxpayers are essentially the insurance for under-performing pension funds that may not be able to meet their retirement payment obligations.</p>
<p style="text-align: justify;">Prior to the financial crisis of 2008-2009, many pension funds were already underfunded. As a result of the downturn, the situation has grown much worse. As of 2010, aggregate estimates of public employee shortfalls in funding range from roughly $500 billion to nearly $4 trillion. Many of those estimates use an 8% return on investment for the pension funds, which is at or less than what the majority of pension funds predict to earn moving forward.</p>
<p style="text-align: justify;">Government officials across the United States are now dealing with communities and even states that cannot afford to cover the generous retirement benefits of public workers like police officers and firefighters. It is becoming a crisis that will likely play out over the next ten to fifteen years. This pension crisis could bankrupt cities, counties, and even state governments if something isn’t done soon, but the solutions aren’t terribly popular. Legislators have the option to raise taxes, defer further payments, or default upon their obligations by declaring bankruptcy. Realistically, public workers will have to share the burden, or there will be extreme hikes in taxes.</p>
<p style="text-align: justify;">A relatively quiet problem, as compared to the national economic meltdown, the pension crisis must be addressed by taxpayers and governments before massive ramifications occur. Read along to find out what’s happening across the nation.</p>
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Looking for an internship? If so, Intellectual Takeout has an opportunity for you. 
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                <span class="field-content"><a href="/content/dont-talk-cops?library_node=68225">Don&#039;t Talk to Cops</a></span>
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                <div class="field-content">In a highly regulated society such as ours, it&#039;s very easy to get yourself in trouble with the law. Learn more about how to protect yourself with the 5th Amendment and how to interact with the police.</div>
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                <span class="field-content"><a href="/content/teachers-consider-association-american-educators?library_node=68225">Teachers: Consider the Association of American Educators</a></span>
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                <div class="field-content">The Association of American Educators (AAE) advances the teaching profession through personal growth, professional development, teacher advocacy and protection, as well as promoting excellence in education so that our members receive the respect, recognition and reward they deserve.</div>
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                <span class="field-content">We've built Intellectual Takeout to provide you with quick, easy access to information. In time, we hope to become your one-stop-shop for the ideas of freedom. 
If your professor allows you to bring your laptop to class (if not,
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</div>  <h3><a class="library_commentary 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#library_commentary">Commentary or Blog Post</a></h3>
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                <span class="field-content"><a href="/library/articles-commentary-blog/2009-california%E2%80%99s-biggest-government-pension-funds-lose-almost-100-billion?library_node=68225">2009: California’s biggest government pension funds lose almost $100 billion</a></span>
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                <div class="field-content"><p style="text-align: justify;">California pension funds have massively hemorrhaged since the economic downturn of 2008. Indeed, Gov. Schwarzenegger “told reporters last week that the big pension funds could face an estimated $300-billion shortfall in covering the cost of pensions to current and future retirees.” According to the LA Times, this “tremendous drop in the portfolios' value is...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/union-education?library_node=68225">A Union Education</a></span>
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                <div class="field-content"><p style="text-align: justify;">"The raucous Wisconsin debate over collective bargaining may be ugly at times, but it has been worth it for the splendid public education. For the first time in decades, Americans have been asked to look under the government hood at the causes of runaway spending. What they are discovering is the monopoly power of government unions that have long been on a...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/californias-500-billion-pension-time-bomb?library_node=68225">California&#039;s $500-billion pension time bomb</a></span>
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                <div class="field-content"><p style="text-align: justify;">"The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.</p>
<p style="text-align: justify;">That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/closing-13-trillion-state-pension-gap?library_node=68225">Closing the $1.3 Trillion State Pension Gap</a></span>
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                <div class="field-content"><p style="text-align: justify;"><strong><a href="http://www.aolnews.com/opinion/article/opinion-closing-the-13-trillion-gap-in-state-pension-funds/19390351" target="_blank"></a></strong>Merrill of the Mercatus Center at GMU states that "what's happened is that states can and do promise to public employees benefits that are unrealistically high given the state's financial forecasts -- in part...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/downturn-clobbers-public-pension-funds?library_node=68225">Downturn Clobbers Public Pension Funds</a></span>
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                <div class="field-content"><p style="text-align: justify;">Whoriskey writes that the current market downturn “is ravaging public pension funds across the United States, with many state and local governments seeing more than 20 percent of their retirement pools swept away in the turmoil.” With roughly 60 percent of public pension assets invested in stocks, it’s of little surprise that pension funds are experiencing such...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/facts-are-stubborn-things-%E2%80%93-public-pensions-not-lavish?library_node=68225">Facts Are Stubborn Things – Public Pensions Not Lavish</a></span>
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                <div class="field-content"><p style="text-align: justify;">Edmondson writes, “Portraying government employees as the ‘haves’ and private sector employees as the ‘have-nots’ is a creative, but inaccurate twist on historical reality.&nbsp; This strategy is a sad new chapter in the painful story of an excruciating economic downturn that has negatively affected every citizen. It is a tactic that pits hardworking people on both...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/faulting-actuaries-public-pension-crisis?library_node=68225">Faulting actuaries for the public pension crisis</a></span>
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                <div class="field-content"><p>"A public worker gets promised a pension. If the correct value, based on best assumptions, is not set aside to fund that pension, then we have the equivalent of a theft of services. Future taxpayers will have to make up for past underfunding, a Ponzi scheme will ensue, or those promises will not be kept despite whatever laws (which politicians have a way of interpreting to their advantage as...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/getting-accurate-picture-state-pension-liabilities?library_node=68225">Getting an Accurate Picture of State Pension Liabilities</a></span>
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                <div class="field-content"><p>"State governments have reported unfunded pension liabilities—the difference between what plans have promised to pay public workers and the assets set aside to pay out these benefits—of $452 billion as of June 2009. ... Estimates place the shortfall in local plans at an additional $190 billion. ... These reported figures, however, severely underestimate the pension obligations governments owe...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/hidden-pension-fiasco-may-foment-another-1-trillion-bailout?library_node=68225">Hidden Pension Fiasco May Foment Another $1 Trillion Bailout</a></span>
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                <div class="field-content"><p style="text-align: justify;">"'Public pension funds across the U.S. are hiding the size of a crisis that’s been looming for years. Retirement plans play accounting games with numbers, giving the illusion that the funds are healthy—this paper alchemy gives governors and legislators the easy choice to contribute too little or nothing to the funds, year after year.' Deferment and quick fixes now...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/illinois-pension-system-woefully-underfunded-scandal-plagued?library_node=68225">Illinois&#039; Pension System: Woefully Underfunded, Scandal-Plagued</a></span>
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                <div class="field-content"><p style="text-align: justify;">Even though the “state issued $10.1 billion in pension obligation bonds in 2003 to reduce unfunded liabilities, the borrowing is a gamble because the state must repay the money with interest over 30 years. To do this without turning to taxpayers, the state will have to earn average annual returns on investments that exceed the 5.05 percent interest rate on the...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/pension-calculus-draws-new-scrutiny?library_node=68225">Pension Calculus Draws New Scrutiny</a></span>
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                <div class="field-content"><p class="MsoNormal">"A California dustup over large pension payments is shining a spotlight on the practice of spiking -- increasing a salary just before retirement and boosting the lifelong payout.﻿</p>
<p class="MsoNormal">...</p>
<p class="MsoNormal">The practice is getting more attention amid growing concerns about the sustainability of guaranteed pension payouts for public employees after...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/prepare-looming-pension-crisis?library_node=68225">Prepare for the Looming Pension Crisis</a></span>
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                <div class="field-content"><p>"Recently, workers with employer-sponsored 401(k) plans have taken it on the chin. The bear market has hurt anyone who invested their 401(k) money in stocks, and many employees who invested too much in their employer's stock have seen huge losses.</p>
<p>401(k) plans have behaved so badly that many are now calling for significant reform, or even these plans' outright abolition. Yet before you...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/public-pensions-cook-books?library_node=68225">Public Pensions Cook the Books</a></span>
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                <div class="field-content"><p style="text-align: justify;">"Here's a dilemma: You manage a public employee pension plan and your actuary tells you it is significantly underfunded. You don't want to raise contributions. Cutting benefits is out of the question. To be honest, you'd really rather not even admit there's a problem, lest taxpayers get upset."</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/seven-state-pensions-out-money-2020?library_node=68225">Seven State Pensions Out of Money by 2020?</a></span>
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                <div class="field-content"><p style="text-align: justify;"><strong></strong>Mysak discusses Joshua Rauh's study <a href="http://www.intellectualtakeout.org/library/pension-crisis/public-employee-pensions/research-analysis-reports/are-state-public-pensions-sustainable-why-federal-gove" target="_blank">“Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities”</a> and...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/sinkhole-how-public-pensions-are-draining-city-and-state-budgets?library_node=68225">Sinkhole: How public pensions are draining city and state budgets</a></span>
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                <div class="field-content"><p style="text-align: justify;">“State and local governments, hard hit by the economic downturn of 2001, find themselves in a financial bind. While sharp anti-tax sentiment constrains revenue and governments face new outlays for everything from homeland security to No Child Left Behind, there's a growing feeling that the retirement promises made to everyone from office workers and state patrols...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/taxpayers-hook-unfunded-public-pensions-liabilities?library_node=68225">Taxpayers on the Hook for Unfunded Public Pensions Liabilities</a></span>
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                <div class="field-content"><p>"Joshua D. Rauh just announced on his blog about a new study that he just released, with Robert Novy-Marx, that estimates state and local pension contributions need to increase by a factor of 2.5 to reach solvency in 30 years.  That amounts to a tax increase of $1,398 per household, per year!</p>
<p>The study is titled 'The Revenue Demands of Public Employee Pension Promises.'"</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/2-trillion-hole?library_node=68225">The $2 Trillion Hole</a></span>
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<p class="subhead">"Promised pensions benefits for public-sector employees represent a massive overhang that threatens the financial future of many cities and states." Laing goes on to point out that over 15,000 California pensioners receive $100,000 or more each year. Additionally, Laing points out that some estimates of the pension funding gap is upwards of $3...</p></div></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/incredible-shrinking-public-pension-funds?library_node=68225">The Incredible Shrinking Public Pension Funds</a></span>
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                <div class="field-content"><p style="text-align: justify;">"America's public sector pensions have been a scandal for years. It wasn't that long ago that they finally got around to doing their accounting the way that normal pensions do:&nbsp; by showing how likely their assets were to generate enough revenue to pay for future benefits.&nbsp; When they did, we found out what critics had long been claiming:&nbsp; many pension...</p></div>
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                <span class="field-content"><a href="/library/articles-commentary-blog/public-pension-bomb?library_node=68225">The Public Pension Bomb</a></span>
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                <div class="field-content"><p style="text-align: justify;">This CNN article discusses how New Jersey plans to deal with their massive $34 billion dollar pension shortfall—money which goes towards the retirement packages of teachers, firefighters, and cops. “For years, states nationwide have shortchanged the retirement programs that cover teachers, police, and other public employees; now the stock market plunge has wiped...</p></div>
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                <div class="field-content"><a href="/library/chart-graph/aggregate-state-pension-fund-asset-levels-under-different-scenarios"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/State%20Pension%20Asset%20Fund%20Levels_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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                <span class="field-content"><a href="/library/chart-graph/aggregate-state-pension-fund-asset-levels-under-different-scenarios?library_node=68225">Aggregate State Pension Fund Asset Levels Under Different Scenarios</a></span>
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                <div class="field-content"><p style="text-align: justify;">"The three lines in each graph show aggregate state pension fund assets under three return scenarios: a 6% return (the dashed line), an 8% return (the solid line) and a 10% return (the dotted line). The top graph shows assets under the assumptions that contributions only fund new liabilities. The middle graph shows assets under the assumption that states contribute...</p></div>
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                <div class="field-content"><a href="/library/chart-graph/average-state-pension-portfolio-allocations"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/Ave.%20State%20Pension%20Portfolio_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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                <span class="field-content"><a href="/library/chart-graph/average-state-pension-portfolio-allocations?library_node=68225">Average State Pension Portfolio Allocations</a></span>
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                <div class="field-content"><p style="text-align: justify;">"As of 2006, around 60 percent of public pension assets were held in domestic or foreign equities and slightly over one-quarter in bonds, with smaller allocations to real estate, cash, alternate investments such as private equity, or other asset classes. (Figure 1) Public sector pensions tend to allocate around 10 percentage points more of their assets to equities...</p></div>
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                <div class="field-content"><a href="/library/chart-graph/average-total-compensation-statelocal-employees-vs-private-sector-employees-2009"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/average%20total.png" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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<div style="display: none">
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  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/average-total-compensation-statelocal-employees-vs-private-sector-employees-2009?library_node=68225">Average Total Compensation of State/Local Employees vs. Private Sector Employees, 2009</a></span>
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  </div>
</div>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"There are large public sector pay variations between regions in the United States. Table 3 shows that average compensation per hour for government workers varies from $49.02 in the Pacific region to $30.73 in the West South Central region. Part of this variation results from general differences in pay levels, as reflected in private sector pay differences between...</p></div>
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          <div class="views-row views-row-4 views-row-even">
        
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                <div class="field-content"><a href="/library/chart-graph/calpers-investment-returns-1984-2009"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/CalPERS%20Returns_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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<div style="display: none">
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  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/calpers-investment-returns-1984-2009?library_node=68225">CalPERS Investment Returns: 1984-2009</a></span>
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</div>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"While above-average returns are available for savvy investors, taking risk, particularly in correlated asset classes, opens up the possibility of large investment shortfalls. Again using CalPERS as an example, as we can observe in Figure 6, the CalPERS portfolio has had returns averaging 7.91 percent over the last 25 years, with a standard deviation of 11.91...</p></div>
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          <div class="views-row views-row-5 views-row-odd">
        
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                <div class="field-content"><a href="/library/chart-graph/calstrs-and-calpers-unfunded-liabilities-2010"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/unfunded%20liabilities.jpg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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  </div>
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  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/calstrs-and-calpers-unfunded-liabilities-2010?library_node=68225">CalSTRS and CalPERS Unfunded Liabilities 2010</a></span>
  </div>
  </div>
</div>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"The State of California understates teachers’ pension unfunded liabilities by as much as $101.2 billion. to put this in perspective, California’s total budget was about $89.5 billion for FY2009-2010."</p>
<p style="text-align: justify;">"The State of California understates public employees’ pension unfunded liabilities by as much as $149.9 billion, which is...</p></div>
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</div>
      </div>
          <div class="views-row views-row-6 views-row-even">
        
<div style="display: none">
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  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/employee-compensation-state-and-local-governments"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/employee%20compensation.png" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/employee-compensation-state-and-local-governments?library_node=68225">Employee Compensation in State and Local Governments</a></span>
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  </div>
</div>
<div style="display: none">
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  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Table 1 shows average compensation per hour worked in state and local governments and the U.S. private sector. Public sector pay averaged $39.66 per hour in 2009, which was 45 percent higher than the private sector average. The public sector advantage was 34 percent in wages and 70 percent in benefits.&nbsp;The table shows that public sector workers have the...</p></div>
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      </div>
          <div class="views-row views-row-7 views-row-odd">
        
<div style="display: none">
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  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/estimated-annual-tax-increase-required-bring-state-and-local-pensions-solvency-state"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/chart-graph/Estimated%20Annual%20Tax%20Increase%20Required%20to%20Bring%20State%20and%20Local%20Pensions%20into%20Solvency%20by%20State.JPG" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
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  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/estimated-annual-tax-increase-required-bring-state-and-local-pensions-solvency-state?library_node=68225">Estimated Annual Tax Increase Required to Bring State and Local Pensions into Solvency by State</a></span>
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  </div>
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<div style="display: none">
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  <div class="views-field-body">
                <div class="field-content"><p>"The chart ... is taken from Table 5 of the ... study [The Revenue Demands of Public Employee Pension Promises] on page 40 which ranks the states (from highest to lowest) in terms of the size of the necessary tax hike, per year, to achieve solvency of the state’s public pension system.  As you can see, New Jersey ranks top in the country at $2,475 while Indiana comes in last at $329."</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-8 views-row-even">
        
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  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/federal-employee-retirement-eligibility-2006-2016"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/Retirement%20Eligibility_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="108" /></a></div>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/federal-employee-retirement-eligibility-2006-2016?library_node=68225">Federal Employee Retirement Eligibility: 2006-2016</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;"><strong><a href="http://www.opm.gov/feddata/RetirementPaperFinal_v4.pdf" target="_blank"></a></strong>Moving forward, the younger generations of Americans face growing burdens of taxation as older generations retire and take benefits through pensions, medicare, and social security. This chart shows the change that will be taking place in government as 60% of...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-9 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/legacy-public-pension-straddle-option"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/Public%20Pension%20Straddle%20Option_1.JPG" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/legacy-public-pension-straddle-option?library_node=68225">Legacy of the Public-Pension Straddle Option</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Even before the market started melting in late 2007, employers' costs increased 40 percent over a five-year period. Meanwhile, employee contributions remained constant. Figuratively speaking, they received a 'straddle option' that gave them the 'call' benefits of increased pensions when stocks went up, and the 'put' protection of no cost increases when stocks went...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-10 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/nj-pension-systems-funding-levels-1995-2004"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/NJ%20Pension%20Funding_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/nj-pension-systems-funding-levels-1995-2004?library_node=68225">NJ Pension System&#039;s Funding Levels: 1995-2004</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><div class="mercatus-authors mercatus-dates" style="text-align: justify;">"The implicit debt facing New Jersey in its underfunded pension plans, as with most states, was encouraged by the actuarial methods used to value the plans and the choices of legislators over a period of years to extend generous benefits while deferring payments to the pension funds. More stringent accounting rules would...</div></div>
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  </div>
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      </div>
          <div class="views-row views-row-11 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/pension-burdens-state-and-rank-fy-2008"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/pension%20liabilities%20by%20state_0.png" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/pension-burdens-state-and-rank-fy-2008?library_node=68225">Pension Burdens by State and Rank as of FY 2008</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"As shown in Table 4, New Hampshire’s $7.8 billion stated pension liability in FY 2008 increases to somewhere in the range of $9 billion to $14.2 billion (nearly twice the official estimate). Additionally, the maximum pension liability ($14.2 billion) is 24.6 percent of New Hampshire’s Gross Domestic Product ($57.8 billion). While significant, the pension burden is...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-12 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/pension-fund-investment-return-assumptions-fy-08"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/ROI%20Expectations%20FY08_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/pension-fund-investment-return-assumptions-fy-08?library_node=68225">Pension Fund Investment Return Assumptions, FY 08</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Figure Q plots the distribution of investment return assumptions. As with inflation assumptions, investment return assumptions for many plans have been reduced in recent years. In particular, all investment return assumptions in the Public Fund Survey above 8.5 percent have been reduced. The median and modal assumption remains 8.0 percent."</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-13 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/rise-government-unions"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/rise%20of%20government%20unions_0.jpg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/rise-government-unions?library_node=68225">The Rise of Government Unions</a></span>
  </div>
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</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"We first started running the nearby chart on the trends in public and private union membership many years ago. It documents the great transformation in the American labor movement over the latter decades of the 20th century. A movement once led by workers in private trades and manufacturing evolved into one dominated by public workers at all levels of government...</p></div>
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      </div>
          <div class="views-row views-row-14 views-row-even views-row-last">
        
<div style="display: none">
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  <div class="views-field-field-chart-image-fid">
                <div class="field-content"><a href="/library/chart-graph/when-might-state-pension-funds-run-dry"><img src="http://www.intellectualtakeout.org/sites/www.intellectualtakeout.org/files/imagecache/library_frontpage/State%20Pension%20Runouts%20pt1_0.jpeg" alt="" title=""  class="imagecache imagecache-library_frontpage imagecache-default imagecache-library_frontpage_default" width="208" height="113" /></a></div>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/chart-graph/when-might-state-pension-funds-run-dry?library_node=68225">When Might State Pension Funds Run Dry?</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"The first column is the year that each state will run out of pension fund assets assuming they earn 8% on their assets and that they use future contributions to fund new benefits in full. The starting points for pension assets are the September 2009 values from Pensions and Investments. The second column shows the average annual benefit payments that will be owed...</p></div>
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      </div>
      </div>
</div>  <h3><a class="library_analysis 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#library_analysis">Analysis Report White Paper</a></h3>
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  <div id="library_analysis" class="topic-item">  
          <div class="views-row views-row-1 views-row-odd views-row-first">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/analysis-federal-employee-retirement-data?library_node=68225">An Analysis of Federal Employee Retirement Data</a></span>
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  </div>
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  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;"><strong><a href="http://www.opm.gov/feddata/RetirementPaperFinal_v4.pdf" target="_blank"></a></strong>Introduction<br />"This paper discusses Federal retirement statistics in order to gain a better understanding of the future makeup of the Federal workforce. A significant number of employees are eligible or will become eligible to retire in the near future, making...</p></div>
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          <div class="views-row views-row-2 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/options-pricing-method-calculating-market-price-public-sector-pension-liabilities?library_node=68225">An Options Pricing Method for Calculating the Market Price of Public Sector Pension Liabilities</a></span>
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  </div>
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<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p><strong><a href="http://www.aei.org/docLib/Biggs-WP-164.pdf" target="_blank"></a></strong>Abstract:<br />"State and local public sector employee pensions are widely known to be underfunded, but pension financial reports do not reveal the true extent of funding shortfalls. Pension accounting methods assume that plan investments can earn high returns without taking any account of the market risk...</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-3 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/are-state-public-pensions-sustainable-why-federal-government-should-worry-about-state-pension-?library_node=68225">Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">Abstract: &nbsp;&nbsp;&nbsp;&nbsp;<strong> </strong> <br /> "This paper analyzes the flow of state pension benefit payments relative to asset levels and contributions. Assuming future state contributions fund the full present value of new benefits, many state systems will run out of money in 10-20 years if some attempt is not made to improve the funding of...</p></div>
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      </div>
          <div class="views-row views-row-4 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/diagnosis-disaster?library_node=68225">Diagnosis: Disaster</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"These programs will cost Illinois more than $100 billion during the next 30 years. Because the state has not designated money for these three programs, they operate on a yearly pay as you go basis. This means that as retiree health care costs rise faster than the state’s total revenues, they will squeeze out state spending on other core services."</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-5 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/employee-compensation-state-and-local-governments?library_node=68225">Employee Compensation in State and Local Governments</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"State and local governments face large budget deficits as revenues have stagnated and spending has remained at high levels. To reduce deficits, large savings can be found in the generous compensation packages of the nation’s 20 million state and local workers. In 2008, wages and benefits of $1.1 trillion accounted for half of total state and local government...</p></div>
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      </div>
          <div class="views-row views-row-6 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/funding-status-asset-managent-and-look-ahead-state-and-local-pension-plans?library_node=68225">Funding Status, Asset Managent, And a Look Ahead: State And Local Pension Plans</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"State and local employee pension plans, which are primarily defined benefit plans, have<br />
come under increased scrutiny of late. Plan funding conditions have worsened during the early years of the 21st century, especially during the aftermath of the post-2007 recession.<br />
But the patterns of financial changes vary considerably across the U.S. states and under alternative ways of...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-7 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/going-broke-reforming-california%E2%80%99s-public-employee-pension-systems?library_node=68225">Going For Broke: Reforming California’s Public Employee Pension Systems</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;"><strong><a href="http://www.stanford.edu/group/siepr/cgi-bin/siepr/?q=/system/files/shared/GoingforBroke_pb.pdf" target="_blank"></a></strong>Introduction:<br />"CalPERS, CalSTRS, and UCRS together administer the pensions of approximately 2.6 million Californians. Between June 2008 and June 2009, these three public pension funds lost a combined $109.7 billion in...</p></div>
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      </div>
          <div class="views-row views-row-8 views-row-even">
        
<div style="display: none">
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  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/illinois%E2%80%99-public-pension-crisis?library_node=68225">Illinois’ Public Pension Crisis</a></span>
  </div>
  </div>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">Stanek writes that “Illinois faces a worsening crisis regarding the financing of its public pension systems. 'Without pension reform, there is no tax increase big enough for the State to find more funds for education, transportation, and other state priorities,' according to The Civic Federation, a respected independent state fiscal watchdog group. The Civic...</p></div>
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      </div>
          <div class="views-row views-row-9 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/new-hampshire%E2%80%99s-growing-public-retiree-funding-crisis?library_node=68225">New Hampshire’s Growing Public Retiree Funding Crisis</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"New Hampshire’s pension and other post-employment benefits (OPEB) system, mostly health insurance, for retirees is unsustainable and, as of June 30, 2010, underfunded by nearly $4.7 billion. In other words, the assets put in reserve to meet future benefit obligations are not enough to meet projected liabilities. This $4.7 billion figure is a 58 percent increase...</p></div>
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      </div>
          <div class="views-row views-row-10 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/paying-tomorrow-practical-strategies-tackling-public-pension-crisis?library_node=68225">Paying for Tomorrow: Practical Strategies for Tackling the Public Pension Crisis</a></span>
  </div>
  </div>
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<div style="display: none">
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  <div class="views-field-body">
                <div class="field-content"><p>"Funding public pension systems represents one of the greatest financial challenges for&nbsp;state and local governments today. About 84 percent of state pension systems are underfunded, with enough assets to cover only 80 percent of their future pension commitments, according to Wilshire Research. The unsustainable growth in pension funding requirements could easily crowd out opportunities...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-11 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/public-fund-survey-summary-findings-fy-2008?library_node=68225">Public Fund Survey: Summary of Findings for FY 2008</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"The Public Fund Survey is an online compendium of key characteristics of the nation's largest public retirement systems and is sponsored by the National Association of State Retirement Administrators and the National Council on Teacher Retirement for the purpose of increasing knowledge and understanding of the public pension community. A Summary of Findings is...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-12 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/public-pension-promises-how-big-are-they-and-what-are-they-worth?library_node=68225">Public Pension Promises: How Big are They and What are They Worth?</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"We calculate the present value of state employee pension liabilities as of June 2009 using discount rates that reflect the risk of the payments from a taxpayer perspective. If benefits have the same default and recovery characteristics as state general obligation debt, the national total of promised liabilities based on current&nbsp; salary and service is $3.20...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-13 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/crisis-public-sector-pension-plans-blueprint-reform-new-jersey?library_node=68225">The Crisis in Public Sector Pension Plans: A Blueprint for Reform in New Jersey</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"In this study, we consider the case of New Jersey, which operates five defined benefit pension plans for<br />state employees. ... The New Jersey Senate unanimously passed legislation in February 2010 that would<br />put a question on the November ballot to constitutionally require the state to begin to make its full<br />annual payment to the state’s pension system. ... The bill requires the...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-14 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/market-value-public-sector-pension-deficits?library_node=68225">The Market Value of Public-Sector Pension Deficits</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"States report that their public-employee pensions are underfunded by a total of $438 billion, but a more accurate accounting demonstrates that they are actually underfunded by over $3 trillion. The accounting methods that states currently use to measure their liabilities assume plans can earn high investment without risk. Should plan assets fall short, as is...</p></div>
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</div>
      </div>
          <div class="views-row views-row-15 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/revenue-demands-public-employee-pension-promises?library_node=68225">The Revenue Demands of Public Employee Pension Promises</a></span>
  </div>
  </div>
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<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"We calculate the increases in state and local revenues required to achieve full funding of state and local pension systems in the U.S. over the next 30 years. Without policy changes, contributions to these systems would have to immediately increase by a factor of 2.5, reaching 14.2% of the total own-revenue generated by state and local governments (taxes, fees and charges). This represents a...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-16 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/trouble-brewing-disaster-california-state-pensions?library_node=68225">Trouble Brewing: The Disaster of California State Pensions</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"California has promised its public employees lavish pensions and retiree health benefits without setting aside nearly enough money to pay for those benefits. As a result, California already admits to a $75.5 billion shortfall in paying for these promises to public employees—$40.5 billion for the teachers’ retirement plan (California State Teachers’ Retirement...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-17 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/unfunded-liabilities-state-and-local-government-employee-retirement-benefit-plans?library_node=68225">Unfunded Liabilities of State and Local Government Employee Retirement Benefit Plans</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Many state and local governments offer employees defined benefit pension plans, which promise a set lifetime retirement income based on wages and longevity. In contrast, income from defined contribution retirement plans — such as 401(k)s — depends on past contributions, the rate of return on those contributions and future returns. Pension plans are perceived as...</p></div>
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  </div>
</div>
      </div>
          <div class="views-row views-row-18 views-row-even views-row-last">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/research-analysis-reports/why-does-funding-status-vary-among-state-and-local-plans?library_node=68225">Why Does Funding Status Vary Among State and Local Plans?</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">This brief examines the reasons why some public pension plans are less well funded than others. The authors write that “while state and local pensions as a group are about as well funded as plans in the private sector, significant variation exists. More than 60 percent are adequately funded, but almost 40 percent are not. Low levels of funding means that future...</p></div>
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      </div>
      </div>
</div>  <h3><a class="library_media 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#library_media">Video/Podcast/Media</a></h3>
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  <div id="library_media" class="topic-item">  
          <div class="views-row views-row-1 views-row-odd views-row-first">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/video-podcast-media/interactive-map-public-pension-plans?library_node=68225">Interactive Map of Public Pension Plans</a></span>
  </div>
  </div>
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<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><script type="text/javascript" src="http://public.tableausoftware.com/javascripts/api/viz_v1.js"></script>
<noscript></noscript>
<p>"The interactive map is based on <em>Table 2. Market valued funding ratios and unfunded liabilities</em> on page 42 of <a href="http://www.aei.org/docLib/Biggs-WP-164.pdf" target="_blank">An Options Pricing Method for Calculating the Market Price of Public Sector...</a></p></div>
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  </div>
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      </div>
          <div class="views-row views-row-2 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/video-podcast-media/video-brink-bankruptcy?library_node=68225">Video: Brink of Bankruptcy</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;"><span>Discussants address the pension crises threatening to sink cities and states</span>.</p></div>
  </div>
  </div>
</div>
      </div>
          <div class="views-row views-row-3 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/video-podcast-media/video-can-federal-govt-save-state-pensions?library_node=68225">Video: Can Federal Gov&#039;t Save State Pensions?</a></span>
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  </div>
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<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><script type="text/javascript" src="http://video.foxbusiness.com/v/embed.js?id=4269278&amp;w=466&amp;h=263"></script>
<noscript></noscript>
<p>Fox Business News interviews Joshua Rauh of Northwestern University regarding the $3 trillion aggregate shortfall for public pensions. He recommends moving public employess to defined contribution plans and 401k-type plans for new workers, though he does...</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-4 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/video-podcast-media/video-federal-assistance-state-pension-funds?library_node=68225">Video: Federal Assistance for State Pension Funds</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"Panelists talked about the possibility of a federal bailout of state pension funds. Among the topics they addressed were recent losses and market value declines as a result of the weak economy, challenges for future sustainability of public pension programs, and potential pension system reform. They also responded to questions from the audience."</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-5 views-row-odd views-row-last">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/video-podcast-media/video-gov-schwarzenegger-cas-500-billion-pension-bubble?library_node=68225">Video: Gov. Schwarzenegger on CA&#039;s $500 Billion Pension Bubble</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">Governor Schwarzenegger of California discusses the state's public pension crisis, something he calls the single biggest threat to the state's fiscal health and future. He says that promises were made that cannot be made and that the unfunded liability to California is $500 billion.</p></div>
  </div>
  </div>
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      </div>
      </div>
</div>  <h3><a class="library_document 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#library_document">Primary Document</a></h3>
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  <div id="library_document" class="topic-item">  
          <div class="views-row views-row-1 views-row-odd views-row-first">
        
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  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/john-f-kennedy-executive-order-10988?library_node=68225">John F. Kennedy: Executive Order 10988</a></span>
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  </div>
</div>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">While President Franklin D. Roosevelt opposed collective bargaining by government employees, it wasn't until President Kennedy that government employees were able to collectively bargain at the federal level. Executive Order 10988 is below which first granted the federal employees collective bargaining.</p>
<blockquote>
<p style="text-align: justify;">EMPLOYEE-...</p></blockquote></div>
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      </div>
          <div class="views-row views-row-2 views-row-even">
        
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  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/managing-pension-portfolio-nineteenth-century-us-navy-pension-fund-1800-1840?library_node=68225">Managing a Pension Portfolio in the Nineteenth Century: The U.S. Navy Pension Fund, 1800-1840</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;"><strong><a href="http://www.h-net.org/~business/bhcweb/publications/BEHprint/v028n1/p0093-p0104.pdf" target="_blank"></a></strong>"Given the current expected shortfall of Social Security retirement funding, there are considerations to privatize all or some of the Social Security trust fund's 'portfolio.' Although it is often assumed that this is a new idea, the...</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-3 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/president-roosevelt-against-collective-bargaining-public-sector?library_node=68225">President Roosevelt Against Collective Bargaining by the Public Sector</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>President Roosevelt's letter to Mr. Luther C. Steward, President, National Federation of Federal Employees. In the letter, FDR takes a position that public employees should not be able to collectively bargain.</p>
<blockquote>
<p>"My dear Mr. Steward:</p>
<p>&nbsp;</p>
<p style="text-align: justify;">As I am unable to accept your kind invitation to be present on the occasion of the Twentieth...</p></blockquote></div>
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  </div>
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      </div>
          <div class="views-row views-row-4 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/public-pension-reform-united-kingdom-lessons-americans?library_node=68225">Public Pension Reform in the United Kingdom: Lessons for Americans</a></span>
  </div>
  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">David Johns comments before the Social Security Subcommittee on the positives and negatives of our British counterpart's public pension policies, and the lessons that we should take from their experiences.</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-5 views-row-odd">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/public-pension-systems-statements-key-investment-risks-and-common-practices-address-those-risks?library_node=68225">Public Pension Systems: Statements of Key Investment Risks and Common Practices to Address Those Risks</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">A report established by a committee of chief investment officers (CIO's) by the Association of Public Pension Auditors which outlines the various risks that publicly funded actuaries may encounter, and how to avoid such risks.</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-6 views-row-even">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/special-study-other-postemployment-benefit-liabilities-minnesota-school-districts?library_node=68225">Special Study Other Postemployment Benefit Liabilities of Minnesota School Districts</a></span>
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  </div>
</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p>"The purpose of this report is to provide updated information on actuarial accrued liabilities as they relate to Other Postemployment Benefits (OPEB) for school districts in Minnesota."</p></div>
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  </div>
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      </div>
          <div class="views-row views-row-7 views-row-odd views-row-last">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/primary-sources/testimony-ian-v%C3%A1squez?library_node=68225">Testimony of Ian Vásquez</a></span>
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  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">Introduction:<br />"Mr. Chairman and members of the Subcommittee, I appreciate the opportunity to testify today on Chile's private pension system, especially since it has become the model for countries around the world that have reformed their public pension systems or are considering doing so.</p>
<p style="text-align: justify;">In 1924 Chile was the first country...</p></div>
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      </div>
      </div>
</div>  <h3><a class="library_recommended 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#library_recommended">Books</a></h3>
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  <div id="library_recommended" class="topic-item">  
          <div class="views-row views-row-1 views-row-odd views-row-first">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/books/history-public-sector-pensions-united-states?library_node=68225">A History of Public Sector Pensions in the United States</a></span>
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</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Understanding the historical development of pensions is critical to the future of retirement systems around the world. <em>A History of Public Sector Pensions in the United States</em> offers a comprehensive assessment of the political and financial dimensions of public sector pensions from the colonial period until the emergence of modern retirement plans in the...</p></div>
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      </div>
          <div class="views-row views-row-2 views-row-even views-row-last">
        
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/books/pensions-public-sector?library_node=68225">Pensions in the Public Sector</a></span>
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</div>
<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p style="text-align: justify;">"Some 13 million public-sector workers in the United States--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face...</p></div>
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      </div>
      </div>
</div>  <h3><a class="link 68225 colorbox-inline" href="?width=800&amp;height=600&amp;inline=true#link">Link</a></h3>
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  <div id="link" class="topic-item">  
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  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/link/federal-employees-retirement-system-fers-information?library_node=68225">Federal Employees Retirement System (FERS) Information</a></span>
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<div style="display: none">
  <div id="teaser">
  
  <div class="views-field-body">
                <div class="field-content"><p><strong><a href="http://www.opm.gov/retire/pre/fers/index.asp" target="_blank"></a></strong>Information about FERS provided by the U.S. Office of Personnel Management, including eligibility, computation, early retirement, and more.</p></div>
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          <div class="views-row views-row-2 views-row-even">
        
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  <div id="teaser">
  
  <div class="views-field-title">
                <span class="field-content"><a href="/library/link/look-calpers-pensioners-making-more-100000yr?library_node=68225">Look Up CalPERS Pensioners Making More Than $100,000/Yr</a></span>
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<div style="display: none">
  <div id="teaser">
  
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