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Posted: 3:42 PM Feb 21, 2012
Study Finds $136B in Pension Liabilities
A Stanford University think tank says two dozen local governments in California face a combined $135.7 billion in unfunded pension liabilities.
Reporter: AP Email Address: news@kolotv.com |
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SACRAMENTO, Calif. (AP) - A Stanford University think tank says
two dozen local governments in California face a combined $135.7
billion in unfunded pension liabilities.
The Stanford Institute for Economic Policy Research released a
study Tuesday about 24 local government pension systems. They
include Los Angeles, San Diego, San Francisco and cities and
counties that do not participate in the state's pension fund.
The study comes at a time when Gov. Jerry Brown seeks to bring
public-sector retirement benefits more in line with those in the
private sector.
It found that pension spending has grown 11.4 percent a year
since 1999, making it the fastest-growing cost for local
governments.
Los Angeles County spokesman David Sommers says the county has
been very conservative in protecting taxpayers and estimates its
pension system is 90 percent funded.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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