Schwarzenegger, Unions Clash Over Pension

Grim scenerio for $2 trillion

Unions, pension fund managers and their allies nationwide are fighting the idea, calling it a power grab designed to stifle the growing influence of the nation's public pension funds, which collectively manage about $2 trillion in assets. They warn of grim scenarios of ruined pensions and impoverished future retirees cast cruelly to the fates of the financial markets.