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HELENA, Mont. (AP) — The pension system for public employees in Montana is facing a larger shortfall due to market losses and other factors, according to a new report that will be presented to the Montana Public Employees’ Retirement Board later this week.

Analysts hired by the board, which governs the Montana Public Employees Retirement Administration, said in their annual look at the pension system that the amount it projects to fall short of the benefits it has promised, known as the unfunded liability, has grown about 20 percent over the past year to $1.6 billion.

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