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California Public Employees' Retirement System

Reality check for the public employee pension naysayers

To the editor: Contrary to the doom-and-gloom scenario painted by this article, California's two major pension funds — the California Public Employees' Retirement System and the California State Teachers' Retirement System — are, in fact, financially stable. ("In strategy shift, CalPERS looks to cut financial risk," Aug. 30) Both Wall Street rating firms, Moody's and Fitch, give the systems high ratings. Meanwhile, teachers, firefighters, school bus drivers and other public servants are paying more toward their pensions than ever (more than 640 new contract agreements statewide in which employees are paying a greater share). In addition, the...