California Pension crisis worse than suspected, report says

The Orange County Register reports:

California’s public pension crisis is a lot worse than anyone suspected and threatens to bankrupt the state if investment rates fail, says a report released today by the California Center for Public Policy.

The report says that the state’s tax-paid pensions have made defacto millionaires out of most of California’s employees by the time they reach their late 50s. Meanwhile, public safety and other employees frequently pay less than half or none of their retirement benefits, says the report, “Reforming Public Employee Pensions and Compensation.”

“Whether the standard is salary, working conditions, benefits or especially pensions, public employees in California receive compensation far in excess of what workers in the private sector do,” says the report. “It is illiberal and unjust.”

State public employees are among the highest compensated in the United States, says the study.

Great moments in Blue America!