PHOENIX – California Gov. Jerry Brown's plan to use a short-term state investment fund to make a $6 billion supplemental payment to its largest pension fund met with skepticism from some observers, who view the strategy as functionally the same as a pension obligation debt issuance.

The proposal, released in Brown’s May state budget proposal, enjoys support on both sides of the aisle. But pension liability hawks are not convinced of the plan’s wisdom, and analysts also cite risk inherent in the approach.

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