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April 14 (Bloomberg) — Memphis has underfunded its city- run pension plan since 2009, putting the cash toward its budget. Tennessee lawmakers want to attach a cost to that kind of scrimping on retirement expenses.

Legislators are poised to take up a bill this week requiring cities, school districts, utilities and other entities with their own pension plans to contribute 100 percent of what actuaries say is needed to meet annual obligations. If they don’t, Tennessee will do it for them, diverting tax revenue the state disburses to municipalities.

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