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Alaska Governor Sean Parnell (Photo: AP)

JUNEAU, Alaska (AP) — Gov. Sean Parnell is proposing putting $3 billion from a state savings account toward paying down Alaska’s roughly $12 billion pension shortfall.

The state is currently on a payment schedule that calls for increasing payments over the next 15 years, on a pace expected to exceed $1 billion before dropping. The payment for the current fiscal year is $629 million and scheduled to be $703 million next year, according to Parnell’s budget office.

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