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Teachers' checks shrink a bit as California tackles pension shortfall
Teachers' checks shrink a bit as California tackles pension shortfall

When fifth-grade teacher Maggie Ellis receives her next paycheck at the end of the month, it will be a bit lighter. That's because she'll be contributing more money to the teacher pension fund, a small part of a sweeping, long-term plan to repair one of the state's most difficult financial problems. "It hurts a little bit," said Ellis, who works in the Sacramento area and has more than a decade left until retirement. "But I look at it as a long-term investment." 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...

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