CRP Blog

Monday, August 17, 2009

Governor Tackling Unsustainable Govt Employee Pensions

Governor Schwarzenegger and Republicans have for years called attention to the unsustainable pension obligations state and local governments owe and will owe to past, current and future workers under current plans that far outstrip government's ability to pay. Reform is necessary and Republicans are leading the charge again.

In today's Sacramento Bee, Dale Kasler covers the story:
Weeks after wrapping up a deal to close a $26 billion budget deficit, Gov.
Arnold Schwarzenegger is taking aim at what he calls California's next great
fiscal problem: the state's battered pension system.

Reviving an idea he floated during budget negotiations in June,
Schwarzenegger wants legislation creating a two-tier system that would deliver
lower benefits to newly hired public employees – not only state workers but
firefighters, police officers, teachers, and other local-government

Along with proposed cutbacks in retiree health benefits, Schwarzenegger
says, the plan would save $90 billion over the next 30 years.

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