"Pension systems across Michigan are facing a crisis that threatens workers, retirees, businesses, taxpayers and residents who rely on public services.
For decades, state legislators and governors, Republican and Democrat, have promised billions more in pensions than has been saved to pay for them.
Last year, the state put roughly $2 billion towards pension benefits of its largest pension system and unfunded liabilities still grew.
This repeated underfunding has led to large liabilities that will require severe cuts to public services..."
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