How to restore financial sustainability to public pensions

Then, for years, whether intentionally or via a culture that encouraged wishful thinking, CalPERS obfuscated the deepening financial challenges from local officials and the public, deferring the day of reckoning.” ■ Edward Ring / Contributed Last month the League of California Cities released a “Retirement System Sustainability Study and Findings.” The findings were not surprising. “Key Findings” were (1) City pension costs will dramatically increase to unsustainable levels, (2) Rising pension costs will require cities to nearly double the percentage of their general fund dollars they pay to CalPERS, and (3) Cities have few options to address growing pension liabilities. These findings corroborate the California Policy Center’s concurrent recent updates on

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