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  • Absent from that increase was the majority of the $879 million. $300 million of the increase is a result of an actuarial update showing a longer average life expectancy of State employees, $50 million is to cover earlier than anticipated retirements and $200 million was already anticipated because of earlier underfunding. ( The fund lost 5.8% between June of 2007 and June of 2008.) Instead, using
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