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City, unions battle over pension plan

from WMC-TV

The City of Memphis, Tenn., is catching flak over a proposal to make cuts to its employee pension plan. City leaders say the debt caused by the current pension model is unsustainable while union leaders say the proposed cuts will put the public at risk. Memphis officials say something has to give. They say the current pension model caused $531 million in unfunded liability and because of that, cuts are unavoidable. more

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