Stanford report: Shortfall for California's pension systems as much as a half a trillion dollars
The report was prepared for Gov. Arnold Schwarzenegger, who has made pension reform a top issue his last year in office… The report’s proposed changes echo the governor’s, many of which are politically difficult: reducing benefits for new employees, raising annual contributions to ward off shortfalls and shifting workers to a partial 401k system.
Read full article [here].
by Denis C. Theriault, The San Jose Mercury News.