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Savings From California Pension Rollback May Take Years
Bloomberg Sept. 12, 2012
"The broadest rollback in public-employee pension benefits in California history may bring little short-term savings to the strapped state and local governments, a municipal finance consultant said. A bill signed by Governor Jerry Brown today caps pension benefits and requires new employees to pay for half of their pension costs. The same savings will be sought from current employees through bargaining with their unions to lower costs as much as $55 billion over 30 years. 'There will be an impact in the long term, in 20 or 30 years when most of the employees are in the lower benefit tier, but not before then,' said Irwin Bornstein, a consultant based in Laguna Hills, near Los Angeles. 'That's in the long run.'"
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