CalPERS financial struggles are draining state taxpayers. The ever-increasing contribution rates it demands from state and local governments have already bankrupted several cities. Even for more financially stable agencies, increased CalPERS contributions have crowded out other spending priorities or tax relief.
While discussions about unfunded liabilities and projected rates of return are necessary and important, the average member of the public is too busy to dive into the details.
Even a casual glance at the data, shows the root cause of CalPERS’ financial struggles: It’s paying tens of thousands… Read More