"The state already is facing a $1.2 billion jump in its pension payments from the past year to this year. In total, the state will have to kick in $5.3 billion this year to the pension system, compared to $4.1 billion last year. By fiscal 2017, the state will be paying $6.2 billion into its pension funds.
The increases are, in part, meant to chip away at the $83 billion unfunded liability — how much more the state owes current and future retirees compared to assets on hand — the pension funds are facing."
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