States struggle with rich pension plans

05/21/2010 | New York Times (tiered subscription model), The

States such as New York making rich pension payouts to retirees -- some collecting bigger pensions than when they were employed -- are an example of how errors and poor planning are leading to a growing public financial crisis, experts say. States are being forced to lay off teachers or cut programs to deal with the issue but often aren't allowed by law to cut retiree payouts, they say.

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