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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: Wade6/22/2010 8:12:15 AM
1 Recommendation  Read Replies (1) of 48092
 
Another shoe to drop:

finance.yahoo.com

In Budget Crisis, States Take Aim at Pension Costs

by Mary Williams Walsh
Monday, June 21, 2010
provided by

Many states are acknowledging this year that they have promised pensions they cannot afford and are cutting once-sacrosanct benefits, to appease taxpayers and attack budget deficits.

Illinois raised its retirement age to 67, the highest of any state, and capped public pensions at $106,800 a year. Arizona, New York, Missouri and Mississippi will make people work more years to earn pensions. Virginia is requiring employees to pay into the state pension fund for the first time. New Jersey will not give anyone pension credit unless they work at least 32 hours a week.

"We can't afford to deny reality or delay action any longer," said Gov. Pat Quinn of Illinois, adding that his state's pension cuts, enacted in March, will save some $300 million in the first year alone.

...more
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