California’s Pension Protection Bill
Posted on June 6th, 2010 by Admin
Unions try to block the bankruptcy option.
Former Los Angeles Mayor Richard Riordan recently wrote in these pages that the city may have no choice but to declare bankruptcy in the next few years. Not if government employee unions get their way.
Many California municipalities are going broke because of overspending, especially on public worker pensions. Public safety officers and firefighters routinely retire at the age of 50 and earn 90% of their last year’s salary.
Two years ago, the suburban San Francisco city of Vallejo declared bankruptcy in large part because of its public pension bills. Fifty-eight employees receive annual pensions over $100,000. At the time, …
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