San Bernardino is fighting to reduce the $17 million debt it owes to the Calpers pension fund. This isn’t just about the money: A victory for San Bernardino would spell trouble for pension funds around the country.
Hundreds of millions in tax increases over the next several years to fix dozens of billions in unfunded pension liabilities. And no one is sure it will even work. This is the bed Chicago made, and that Rahm Emmanuel has to sleep in.
Governor Chris Christie’s budget cuts include reductions to the state’s contribution to New Jersey’s pension plan. This isn’t fiscal prudence; it’s actuarial folly.
San Jose Mayor Chuck Reed’s municipal pension reform has gone down in flames. California may have prominent centrist Dems like Reed and Governor Jerry Brown, but the state’s pro-union Democrats still make for a powerful left flank.
A new Brookings institution study attacks defined-benefit public pension programs for systematically paying women less than men. We can fix this problem and make pensions more sustainable for everyone by switching to defined-contribution plans.
California Governor Jerry Brown wants to put off dealing with teacher pensions until his re-election campaign is safely over. But if nothing changes, the state will be on the hook for up $600 billion in debt.
Another day, another California city drowning in pension debt. This time, the city is Desert Hot Springs, a small community just outside the Los Angeles area, which is now sitting on the edge of bankruptcy due to a history of unrealistic revenue estimates and generous pension promises to public workers.
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