Few public policy debates seem to have as many fundamental misunderstandings as the one over public employee pension benefits.
Funding for public pension plans accounted for just 3% of state and local government spending in 2009, the most recent data available, according to a report from the National Association of State Retirement Administrators.
CalPERS has a new report that says California Gov. Jerry Brown’s idea to alter pensions with 401(k)-style plans won’t help new workers and won’t save California money, either.
There is a retirement crisis in our country, but it is not a crisis of one group having too much retirement income. It’s a crisis of other groups having too little.
Are pensions the equivalent of buggy whips and 8-track cassettes; have they become obsolete? No but we strayed from fundamentals and now we need to return. Plans that stuck to fundamentals are on solid footing today. They provide the example we need to return.
California Public Employee Relations Board: City Pension Reform Initiative Amounts To Unfair Labor Practice