A Sour Surprise for Public Pensions: Two Sets of Books

http://www.nytimes.com/2016/09/18/business/dealbook/a-sour-surprise-for-public-pensions-two-sets-of-books.html?partner=rss&emc=rss

The plight of a tiny local retirement fund in California shows how some public pension plans are far less funded than their official numbers suggest.

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