A Tale Of Two Sectors
Feb. 9, 2017
The general assumption for retirement security is a job in the public sector. The trade-off means lower pay, however. Meanwhile, the private sector has strayed from pension promises, but is a 401(k) worth it?
How are cities across California responding to the ballooning cost of pensions in the state? CALmatters Reporter Judy Lin explores a case study in Richmond where priority police and library services are already being cut.
Many cities across California face rising costs for public employee retirement benefits. And for some, that’s laying bare a stark reality — it’s getting tougher to provide basic services and meet the pension obligations promised years ago.
Generous retirement benefits for public safety employees could help push the Bay Area city of Richmond into bankruptcy
The mayor of El Monte, a cash-strapped San Gabriel Valley city with many retired employees drawing two pensions, says there’s “no rational justification” for the double pensions.
When city retirement pays better than the job
Dec. 30, 2016
One in four El Monte residents lives in poverty. Yet taxpayers pay a steep price to fund bonus pensions and other perks for city workers.
Cities and states across the country are facing public employee pension debt that is challenging and, in some cases, crippling their budgets. But some municipalities are experimenting with ways to solve that problem.
Pension costs for state and local government will begin to rise in 2017 after CalPERS officials voted to throttle back the expectations on profits earned from its $299 billion portfolio.
California faces a $240 billion unfunded pension liability. But retired state workers who receive pensions say they are tired of drawing public blame.
Retirement benefits now eat up 20% of city’s general fund revenue. Touted cost controls won’t have real impact for decades.
Gov. Jerry Brown was confident his-12 point plan could reform California’s pension crisis. Five years later, the state’s unfunded liabilities continue to pile up with little change. CALmatter’s Judy Lin explains why the plan failed to progress.
A case before the state Supreme Court could clear the way for reductions in public retiree benefits, which have become hugely expensive. But the outcome is “hard to predict.”
Capital Public Radio continues its series with the LA Times and CALmatters on our state’s pension crisis but this time, comparing it to the dire state of affairs in Illinois.
As California’s public-employee pension crisis grows—with taxpayers on the hook for hundreds of billions of dollars, and no clear plan for how to pay—other states are facing similar problems, and have lessons to teach.
Gov. Pete Wilson tried to wrest key powers from the CalPERS board. A labor-led counterattack left the board more independent than ever.
What is CalPERS? | Where does the money come from? | How much do employees contribute toward their pensions?