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California pension fix leads to risk as market volatility soars

California is trying to fix the 2nd-biggest public pension fund in the U.S., CalSTRS. But is it working?

By Romy Varghese | Updated on February 22, 2016
Photo: AP

(Bloomberg) — It’s hard for states to fix pensions–just look at New Jersey and Illinois.

And even when legislators in California agreed two years ago on a way to keep the teachers’ retirement fund from going broke, it left the state’s finances more exposed to financial-market swings.

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