Cities and counties can no longer exclude certain employees from CalPERS pensions under a new law signed by Governor Gavin Newsom.
The pension fund will borrow billions of dollars.
More than a thousand public retirees in California are earning pensions that exceed the federal limit of $220,000, according to data from CalPERS.
A controversial retirement program that paid some L.A. public safety workers double toward the end of their careers is headed for change following a series of investigative reports by the Los Angeles Times.
Don’t miss the latest column by CalMatters’ Dan Walters.
A new study conducted by Bartel Associates and commissioned by the League of California Cities predicts pension costs to nearly double over the next decade for the state’s 482 cities.
Tough times are ahead.
“This is absolutely the most challenging issue facing state and local government, not just in California but across the country.”
Local administrators and financial experts continue to warn of a looming fiscal crisis for California’s municipalities, driven in large part by skyrocketing pension costs.
Plus, where Gov. Brown may have gotten the idea.