Lodi City Manager Steve Schwabauer and South Lake Taho City Manager Nancy Kerry are among those coming forward to publicly express their fears over California’s pension woes.
A new report from the PEW Charitable Trusts shows the state’s largest pension funds incurred over $10 billion in fees in 2014 from these more complex and risky investment vehicles.
A looming calamity in Richmond should serve as warning to other struggling municipalities.
Local governments across California are bracing for a more costly future thanks to mounting retirement obligations, and their residents are apt to experience cuts to local services on par with the 2008 recession as a result.
El Monte’s Mayor is discovering how hard it is to cut retirement benefits.
2017 is going to be a nail-biter for pension watchers.
A quarter of the city is living below the poverty line, but El Monte’s former city managers have more money than they know what to do with.
“With the money put into its pension funds over the last two years alone — nearly $2 billion — the city could have fixed every one of its broken sidewalks, built or leased housing for more than 25,000 homeless people or restored 11 miles of the concrete-clad Los Angeles River to a natural state."
It’s been four years since lawmakers passed Gov. Jerry Brown’s sweeping pension overhaul, yet we have little to show for what was supposed to be the “biggest rollback to public pension benefits in California history.”