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Teachers’ Checks Shrink a Bit as California Tackles Pension Shortfall

The plan, which takes effect Tuesday, phases in higher contributions from employees, schools and the state over the next several years. If successful, the $74-billion shortfall in the teacher retirement system, the second largest public pension fund in the country, will be erased in three decades. It’s a sign that California’s economic recovery has provided lawmakers with the cash necessary to tackle a problem that has dogged politicians around the country.