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SACRAMENTO — It feels a little surreal to be writing about benefits from the capital of one of the most fiscally dismal states in the union. In fact, this morning’s Sacramento Bee featured a report from the state’s two public pension funds. Seems they both raked in a combined $60 million over the last fiscal year, their best performance in decades.

But the better-than-20 percent return, certainly nothing to sneeze at, isn’t nearly enough to prevent the public retirement plans from remaining woefully underfunded. (And you can forget about asking for a great contribution from public employees. We all know how that turns out.)

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