How a forgotten 1999 law caused California's unfunded pension liabilities to grow to $241 *billion* http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/ …
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Its an unbelievable wealth transfer from the young to the elderly. Hard to believe it's not contingent on actual returns.
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alternately you could lower the expected rate of return, which they've considered. But would also affect current services.
End of conversation
New conversation -
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Calpers has failed to meet its return targets for over 20 years. They're still head-in-the-sand high.
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It's gonna be a real shame when every cop and firefighter cannot retire a multi-millionaire at 50. A real shame.
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