Labor/Employment,
Government,
California Supreme Court
Nov. 8, 2017
The looming pension crisis
If we continue to "kick the can down the road," we do so at our own peril: Budgets could be slashed, services curtailed and taxes raised, and individuals and municipalities could suffer greatly.
GRUNFELD AT LARGE
As far back as 2005, the then-treasurer of Orange County described California public-sector pensions as a "ticking time bomb." In 2011, California's Little Hoover Commission advised the governor and state Legislature that California pension plans were dangerously underfunded as the result of overly generous benefit promises, wishful thinking and an unwillingness to plan prudently. It warned that, "Unless aggressive reforms ar...
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