Study Finds $135.7B In Local Pension Liabilities

SACRAMENTO, Calif. (AP) — A Stanford University think tank says two dozen local governments in California face a combined $135.7 billion in unfunded pension liabilities.

The Stanford Institute for Economic Policy Research released a study Tuesday about 24 local government pension systems. They include Los Angeles, San Diego, San Francisco and cities and counties that do not participate in the state’s pension fund.

The study comes at a time when Gov. Jerry Brown seeks to bring public-sector retirement benefits more in line with those in the private sector.

It found that pension spending has grown 11.4 percent a year since 1999, making it the fastest-growing cost for local governments.

Los Angeles County spokesman David Sommers says the county has been very conservative in protecting taxpayers and estimates its pension system is 90 percent funded.

Copyright 2012 The Associated Press.

Comments

One Comment

  1. nothingchanges says:

    No biggie, They will have the tax payers cover it against their will.

    1. kingsfan says:

      you receive a public service you pay for it in taxes. you buy a product from a business you pay for it and it likely goes to someones retirement. So how is that different. besides you dont get to cherry pick what you want to pay taxes for, it doesnt work that way

      and govt workers DO make contributions to their retirement

  2. nothingchanges says:

    Go start an Roth IRA, Make your monthly contribution’s. When you retire at 59 1/2 you will not end up in this kind of situation.

  3. DC says:

    Keep kickin’ that can!

  4. JIm says:

    take a close look at how these funds are supported, by the employees or the public and then you find the root of the problem

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