How Calif. Public Agencies Can Reform Pension Benefits
By Che Johnson and Lars Reed (November 5, 2019, 2:04 PM EST) -- In 2011, in a report that led to the enactment of the California Public Employees' Pension Reform Act, or PEPRA, the Little Hoover Commission — an independent oversight agency in California — gave a dire warning:
California's pension plans are dangerously underfunded, the result of overly generous benefit promises, wishful thinking and an unwillingness to plan prudently. Unless aggressive reforms are implemented now, the problem will get far worse, forcing counties and cities to severely reduce services and lay off employees to meet pension obligations. This warning came after the 2007 Great Recession reduced the value of the California Public Employees' Retirement System...
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