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But one of the worst-funded state pensions was lauded by the Volcker Alliance for its progress on pensions, raising the state’s three-year average grade on legacy costs to a C this year.(Photo: Shutterstock)

(Bloomberg) –It’s a math test that New Jersey, Illinois, and even Texas are nearly failing: How to pay for billions of dollars in unfunded liabilities for public-employee pensions and retiree health care.

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