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Investor Presentaiton

State pension reforms, 2010 WA THE PEW CENTER ON THE STATES ME MT ND OR MN ID SD WI NY WY MI IA PA NE VT NV OH UT IL IN NH CA CO WV MA KS MO VA KY RI NC CT TN AZ OK NM AR SC NJ DE MS AL GA MD TX LA AK HI FL Reduced benefits Increased employee contributions Both No reforms Source: Pew Center on the States, 2011 14 14

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