The seeds of the state pension fiasco were sewn in 1999, when Gov. Gray Davis and lawmakers raised retirement benefits for state workers, and many cities and counties followed suit.
Marcia Fritz remembers it distinctly: She had a chilled glass of Handley chardonnay in her hand and was chatting with friends on the shores of Lake Tahoe in August of 2002. She was totally relaxed until one of her pals brought up an official in her mid-size city who was retiring. His pension was to be based on a 3-50 formula.
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