The Stanford Institute for Economic Policy Research said the shortfall in the plans that cover 2.6 million California teachers, state workers and university employees is too large to be solved only by cutting future payouts.
California Governor Jerry Brown outlined his 12-point pension reform plan at a news conference and said it was time to fix a broken system.
Elected officials from throughout Marin County have joined together in an effort to address the pressing issue of pension reform – something that is impacting towns and cities throughout the county.
Gov. Jerry Brown said it’s time to pay up. He wants to start reducing the state’s debt and tens of billions more in accounting gimmicks, temporary loans and delayed payments.
Gov. Jerry Brown released a 12-point proposal to revamp California’s public-employee pensions Thursday.
Board members of the nation’s largest public pension fund on Tuesday rejected a proposal to reduce its forecast of future investment returns, avoiding the politically sensitive move of demanding more money from state or local governments this year.
Money managers have paid more than $180 million to middlemen as a way to gain investment business from the nation’s largest public pension fund, and at least some of those costs likely ended up being paid by the fund itself through inflated fees.
State Controller John Chiang said the unfunded cost of providing future health and dental benefits to retired state employees has grown by $8.1 billion in the past year, to nearly $60 billion.
A federal judge has issued a favorable ruling for gay-rights advocates involving state employees and long-term health care.