Monday, June 24, 2013

FIXING CALIFORNIA: SOARING PENSION COSTS IMPERIL SERVICES

Wow.  No holds barred.
The reckless fashion in which the California Public Employment Retirement System has been operating for the better part of the past decade has created a fiscal nightmare that’s only going to get worse. The San Diego County Taxpayers Association projects that 14 of the county’s 17 CalPERS cities — San Diego operates its own system — will be hit with higher pension payments in the coming year. Steeper hikes are expected in 2015 and beyond. Last April, to make up for unfunded liabilities of nearly $200 billion, the CalPERS board voted to up the amount it charges local governments by as much as 50 percent over seven years, beginning in 2015.

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