Governor Jerry Brown sounded the alarm yesterday, not about the drought, but about the skyrocketing pension costs the state will continue to incur in the years to come. In a letter to CalPers - the state’s pension fund - the governor warned that plans must be made for longer-lived retirees that will drive pension costs up by $1.2 billion a year.
The state teachers' retirement system is attempting to divest itself from a company that finances the manufacture of assault weapons like the one used at Sandy Hook Elementary School. But even if it does, it still won't be out of the gun business.
Earlier today Governor Jerry Brown announced that he had reached a deal with state lawmakers that would mean sweeping changes for California’s public pensions system, and affect hundreds of thousands of state workers. The new rules would cap pensions while increasing the amount employees pay in; they would also increase the retirement age by up to seven years.
Thousands of Californians spent years working for city governments and are now collectively owed billions of dollars in retiree health care benefits. But a new study by the nonprofit research group California Common Sense finds that many cities, including Oakland and San Francisco, haven’t ever set aside money to pay these costs.