February 21, 2012
California city and county pensions in trouble, report says
Many of California's biggest local governments spend an average of 10 cents of every dollar covering pension costs, according to a study of the largest independent pension plans released Tuesday.
The study, by Stanford professor and former Assemblyman Joe Nation and a junior at the school who is a member of a nonprofit that studies California governance, examines plans for cities and counties that do not rely on the state's largest public pension group, CalPERS. They include the city and county of Los Angeles, the cities of Fresno, San Jose, San Francisco and San Diego, and other jurisdictions. The pension plan unveiled by Gov. Jerry Brown last year is intended to change these plans, as well as thousands of other local ones run by CalPERS...
LINK - LATimes.com
