[quote=sdduuuude]The cost of pensions where much the pain lies. Pensions are too generous, too expensive, and too poorly managed.
CA promised too much, then sent all the pension money down the shitter with dumb-ass investments. Now, they have to dump more money into the pension system to keep the promise, which was too much to promise in the first place.
Bankrupcy is the only way out.[/quote]
Even I agree that the pensions are too generous, and need to be brought back to 2% @ 55: 2% of an employee’s highest base pay, which does NOT include overtime, multiplied by the number of years worked, and they can retire at 55.
Remember that these pensions were granted when the pension funds were fully funded (were “technically” over-funded), during the stock market bubble in the late 90s.
