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Are there alternatives to public pensions?

Should public-employee pensions operate more like private 401(k) plans?

Conservative analysts say "yes," adding that rising costs of traditional public pensions could become unsustainable.

"It makes the taxpayers bear an enormous financial risk, and we're about to pay the piper," said E.J. McMahon, director of the Empire Center for New York State Policy, an Albany think tank.

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