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The unfunded liability for California's teacher pension fund has risen to $64.5 billion, an amount that is $8.5 billion higher than a year ago but not as bad as forecasts had anticipated, fund officials said Tuesday.
Americans, living longer, are "resetting their retirement clock," according to retirement expert Ken Dyctwald. Nearly half want to cycle between work and leisure.
High management costs and lower-than-expected returns are causing some public pension funds to reconsider their investments in private equity and hedge funds.
California has been hard hit since the economy took a dive in 2008. Pension reform tops the list of items that would save both local and state governments money.
Reform that includes notions to create a privatized national pension plan for small businesses, as suggested by NCPERS, have received the support of the GAO.
The bill will shore up the state's retirement system, requiring all public employees to contribute more toward their retirement and new hires to work longer.