The
Sacramento Bee's designated blogger for government employees, has it;
...more retirees are drawing money from their retirement systems while
fewer active employees are paying in. Some of the troubling numbers:
▪ Cities
and counties statewide paid $17.52 billion last year into pension
funds, up from $6.38 billion in 2003. Employees’ contributions rose from
$5.21 billion to $9.07 billion in 2013.
▪ Despite
receiving more money, pension systems’ unfunded liabilities soared from
$6.33 billion to $198.16 billion over the 11-year span.
Meanwhile, the city of
Stockton emerges from bankruptcy...sorta;
Government pensions in California remain untouchable, at least for
now, after a bankruptcy judge approved Stockton’s plan to repay its
creditors Thursday without reducing the city’s pension obligations.
In
a major victory for CalPERS and public employees, U.S. Bankruptcy Judge
Christopher Klein approved Stockton’s reorganization plan over the
objections of a disgruntled investment firm, Franklin Templeton, which
wanted more money at the expense of the city’s pension benefits. “This
plan, I’m persuaded, is about the best that can be done,” Klein told a
packed courtroom in U.S. Bankruptcy Court in Sacramento.
Read more here: http://www.sacbee.com/news/business/article3474893.html#storylink=cpy
Read more here: http://www.sacbee.com/news/politics-government/the-state-worker/article3441531.html#storylink=cpy
No comments:
Post a Comment