The article discusses a Sacramento hearing where firefighters and police officers pushed for public agencies to bypass pension reforms, potentially exacerbating California's already massive $352 billion pension deficit. Despite past reforms aimed at controlling public pension liabilities, new proposals threaten to deepen the fiscal crisis. With public agencies opting for higher pension formulas for new hires, funding for essential services is compromised, as nearly one-fifth of city budgets is consumed by pension costs. Without addressing the existing financial challenges, these proposed changes risk long-term financial stability.
One could almost hear the tinkle of coins draining from the public purse.
California has dug itself a pension hole some $352 billion deep instead, and the dramatically higher pension set-asides that public agencies are now saddled with gobble up nearly 1 of every 5 dollars from some city budgets.
McKinnor's bill would allow public agencies to goose pension formulas for these 'new' public safety types (already the most expensive) higher.
Critics might have mistaken this Sacramento hearing for one of those post-9/11 love fests - the ones where elected officials fell all over one another to dramatically, enthusiastically and (critically) retroactively hike pension formulas.
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