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HJTA. The Center for Government Analysis has released the results of a study of the 130 public pension systems in California, their financial health and the extent of taxpayer liability for current and future obligations. The report was commissioned by the Howard Jarvis Taxpayers Foundation.
Among the facts revealed by the study:
* State and local governments (taxpayers) funding of pension systems nearly doubled over the five-year period beginning with FY1997–98.
* By FY 2003–04 the combined public employee retirement systems had an actuarial deficit of approximately $50.9 billion.
* Retirement benefit levels for state and local government employees in California are much more lavish than for private sector employees.