02.09.2015 22:48:00
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Moody's: California's state and local pension costs rising in face of limited reform options
New York, September 02, 2015 -- The State of California (Aa3 stable) provides the strongest level of legal protections for its public pension benefits via a series of state supreme court decisions, which limits both the state's and its local governments' options to address pension challenges apart from making higher budgetary contributions, Moody's Investors Service says.