Things might be looking a bit better, but let’s not let it go to our heads. Anaheim is still staring down a public pension hole more than half a billion dollars deep. Santa Ana has a $429.5 million hole to call its own. Huntington Beach’s is $308.2 million. Newport Beach’s, $258 million. And so on. […]
Is it possible that the California Legislature is finally coming to grips with the public employee pension crisis? We certainly hope so. For years, our political leadership has behaved more like ostriches with their heads buried in the sand regarding the many billions of dollars of “unfunded liabilities” in California’s pension funds. Unlike most retirement plans in the private sector, government workers get “defined benefit” plans that guarantee fixed payments to retirees, no matter how well the underlying investments [...]