The Pension Integrity Project at @ReasonFdn works with stakeholders to design and implement pension reforms that improve plan solvency and retirement security.
Joined September 2019
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With the California Public Employees’ Retirement System still $179 billion short of fully funding pension promises already made to workers and retirees, the governor’s veto keeps PEPRA’s guardrails in place.
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Increasing public pension benefits would undermine California’s successful pension reforms and impose high costs on taxpayers and local governments, writes @PensionZachary.
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Gov. Newsom’s vetoes preserved California’s pension reforms and spared taxpayers billions in new costs. With the state still $257 billion short of funding its public pension promises, lawmakers must stay the course and resist pressure to increase benefits.
reason.org/commentary/califo…
Gov. Gavin Newsom wisely vetoed AB 1383, which would've increased pension benefits for police and firefighters at a high cost to taxpayers.
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Well-designed flexible benefit structures, like those in South Dakota and Wisconsin, can stabilize contributions and support healthy pension funding.
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Traditional public pensions promise retirement payments even when investments fall short, leaving taxpayers to cover the gap.
South Dakota and Wisconsin are two examples of how adjusting future benefit increases can stabilize costs and keep pension plans near full funding. buff.ly/sqlbd8U
South Dakota and Wisconsin show how flexible pension benefits can stabilize contributions and keep pension plans at or near full funding.
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California lawmakers are moving to weaken hard-won, cost-saving pension reforms. The latest public pension newsletter also examines pension debt in Texas and Pennsylvania, and how to protect public pensions from political pressure. 🔽
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California lawmakers sent a bill to Gov. Gavin Newsom’s desk that would partially roll back the state’s 2012 pension reforms and increase police and firefighter pension costs by an estimated $11.8 billion over 30 years.
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A bill on Gov. Gavin Newsom’s desk would reduce the retirement age for police and firefighters and increase the salary caps used to calculate pension benefits. The changes could add $11.8 billion in costs for public employers and taxpayers.
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California lawmakers are prioritizing public-sector unions over financial responsibility and California taxpayers.
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Pension Integrity Project retweeted
California undermines pension reforms with benefit boost for first responders reason.org/commentary/califo… Taxpayers to cover billions more in retirement benefits, mostly for the highest paid employees, not rank and file. Via @ReasonFdn @PensionZachary @longspring2711
Legislatures and policymakers should not let politics drive unsound public pension benefit design and funding, and must establish structural guardrails to protect taxpayers from financial risk.
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A California bill, if signed by Gov. Gavin Newsom, will increase pension benefits and could add another $11 billion in public pension costs for taxpayers.
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Policymakers should take politics out of pension funding decisions by establishing clear rules for contributions, benefits, and investment risk.
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“Retirement boards are not legislatures. They are fiduciaries entrusted with safeguarding billions in assets for the exclusive benefit of retirees.”
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The latest pension newsletter looks at a California bill that would give more pension benefits to high-earning workers and why public pension funds should not finance housing projects.
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California legislators are about to add $14 billion in taxpayer costs to grant additional pension benefits to high-earning public safety workers already making over $160,000 annually.
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California Assembly Bill 1383 is a taxpayer-funded handout to highly compensated, long-tenured employees that won’t attract or retain the next generation of police officers and firefighters. — @MariiFTrujillo
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