When it comes to pensions, Gov. Jerry Brown has seen the writing on the wall.
CalPERS wants local governments to deliver the bad news when they decide to exit the pension fund.
Tough times are ahead.
“This is absolutely the most challenging issue facing state and local government, not just in California but across the country.”
Bad news for the budget.
It’s time to check in with the retirees of Loyalton, California which recently became the first to see their pensions slashed by CalPERS because of the city’s inability to pay.
Local administrators and financial experts continue to warn of a looming fiscal crisis for California’s municipalities, driven in large part by skyrocketing pension costs.
Plus, where Gov. Brown may have gotten the idea.
The former Deputy Police Chief of Fresno will keep his $93,000+ annual pension, despite his recent conviction for trying to sell heroin and marijuana.