Long before this year’s legislative session began, my colleagues in the House and Senate and I knew the biggest task before us would be putting the retirement systems for state and local governments on firmer financial ground.
These systems were doing extremely well as recently as a decade ago, but the country’s two recessions since then have hit them especially hard, much as they have shrunk the state’s budget, which has been cut $1.6 billion over the last five years.
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