Calif. pension reforms haven’t reined in costs
By Judy Lin, Los Angeles Times
A year after his 2010 election, Gov. Jerry Brown made a rare appearance at a legislative committee hearing to confront lawmakers about the steep cost of public employee pensions — and to demand that they pass his 12-point pension overhaul.
Brown challenged fellow Democrats to drink political “castor oil” so public retirement costs would not overburden future generations.
State lawmakers eventually passed many of Brown’s proposals, including a higher retirement age for new employees. But they rejected those with the biggest dollar savings — notably his plan for a hybrid retirement system combining smaller pensions with 401k-style savings plans.
The state’s annual bill for retirement obligations is expected to reach $11 billion by the time Brown leaves office in January 2019 — nearly double what it was eight years earlier.
Another nail in CA’s coffin as government employees rob the taxpayers blind.
Never fails to amaze me how cheap it is for unions to buy off politicians and screw the taxpayer.
The government employees are going to get exactly what they deserve…N0thing. 0 zip nada N0thing is what ‘they’ are going to retire on.
THEY’VE BEEN LITERALLY ROBBING THE TAXPAYERS AND NOW THEY ARE GOING TO GET THEIRS….because what goes round comes round.
And here it comes
Don’t give up: are you suggesting that our Sheriff’s office, firemen and public workers in El Dorado County are packed with fire-breathing “liberal” union members that are out to destroy the Country? It is obvious that two parties sign these contracts, not one side or the other. Consider exactly who has been signing these raises for public employees while the wages of taxpayers has remained largely stagnant. Your lack of nuance on this subject is pretty ironic and somewhat comical, in my humble opinion.
The fact is that the only ones in power to correct this travesty are our politicians. And they have done nothing to stop this while at the same time, they have profited from it. It is apparent to me where the problem is, and it isn’t “unions”.