It's The States' Turn To Play `Raid The Pension Fund'

Elnora E. Hoyt could barely contain her anguish. Her voice quavering and hands waving, the frail-looking 77-year-old retired school secretary pleaded with the 13-person board of the giant California Public Employees' Retirement System. "I'm trying desperately to stay independent," she says, ticking off her monthly bill for groceries, mortgage payments, and health insurance. "I had 57~ left over last year." Jim Coan, a former union leader and state engineer, put it more bluntly: "I paid taxes for 40 years to support California," he bellowed. "Now, my money is subject to raiders."

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