ABC News – Breaking News, Latest News, Headlines & Videos

#

RRelated Posts

CComments

  • David Rodolff

    Taxpayer funded pensions for public employees are the single biggest driver of the massive deficits cities and states are racking up. It's time to start to transition to 401K type programs like the rest of us have.

  • BluntNotPC

    This is simply one example of MOST pension programs across the USA. When times were good everyone negotiated packages based on unsustainable returns. When things took a turn, the contracts were kept to the same standards but employers chose to put their funds in to keeping things running, causing a double hit.
    It also didn't help that many of these funds started playing SJW, moving money from profitable companies to others that promised to be good doers, go green, or provided kickback to fund managers. The fund managers ONLY priority should be best return for the fund.
    Shame on all parties for kicking the can down the road.

  • The Outlier

    Seems to me that there is plenty of money in California to take care of pensions that were earned. It amazes me that people's first reaction to the government failing to live up to its promises is to change the promises. Be it pensions or Medicare, our citizens lived up to their obligations, it is time for government to do the same. The only reason we have these problems is that the upper brackets do not want to pay their taxes.

  • Lee-Anne Griffin

    Maybe government employees could be on a 401k system instead like the rest of the workforce. (Excluding first responders...whole different world there.)

  • CaptnBlynd

    Just another of our broken systems. Mismanaged for decades.