NEW YORK--(BUSINESS WIRE)--A recent legal settlement in San Jose, CA underscores our view that reducing pension liabilities will be challenging for most governments and ultimately dependent on state-by-state judicial review, Fitch Ratings says. The city's agreement with police and firefighter unions would restrict most pension reforms to new hires, leaving benefits for existing employees and retirees largely untouched. San Jose voters authorized broad changes to public pensions under Measure B
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