The journalist Ed Mendel dissects an important finding of the new Little Hoover Commission report on pensions: that nearly 200 local governments in California have kept on raising pensions, despite the changes in the market. Only 26 local governments in the study reduced them.
They Keep Increasing Pensions
By Joe Mathews
SACRAMENTO, CA - JULY 21: The California Public Employees' Retirement System building in Sacramento, California July 21, 2009. CalPERS, the state's public employees retirement fund, reported a loss of 23.4%, its largest annual loss. (Photo by Max Whittaker/Getty Images)
Tuesday, Mar 1, 2011 Updated at 8:45 AM PDT