PALO ALTO (CBS/AP) – A Stanford University think tank has found that two dozen local governments in California face a combined $135.7 billion in unfunded pension liabilities.
The Stanford Institute for Economic Policy Research released a study Tuesday about 24 local government pension systems. They include San Francisco, San Jose, Alameda, Contra Costa County, and cities and counties that do not participate in the state’s pension fund.
The study comes at a time when Gov. Jerry Brown seeks to bring public-sector retirement benefits more in line with those in the private sector.
It found that pension spending has grown 11.4 percent a year since 1999, making it the fastest-growing cost for local governments.
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