Labor/Employment,
Government
Dec. 17, 2019
Pension reform options for California public agencies
California’s pension plans are dangerously underfunded, the result of overly generous benefit promises, wishful thinking and an unwillingness to plan prudently. Unless aggressive reforms are implemented now, the problem will get far worse, forcing counties and cities to severely reduce services and lay off employees to meet pension obligations.
Che I. Johnson
Partner
Liebert Cassidy Whitmore
Email: cjohnson@lcwlegal.com
Che is experienced in all aspects of employment and labor law. He regularly advises agencies on employee retirement plans.
Lars T. Reed
Associate
Liebert Cassidy Whitmore
Email: lreed@lcwlegal.com
Lars provides counsel and representation to clients on matters pertaining to employment law, labor relations, and litigation.
In 2011, after the Great Recession had reduced the value of the CalPERS fund by 24%, leaving CalPERS only 61% funded, the Little Hoover Commission gave a dire warning:
California’s pension plans are dangerously underfunded, the result of overly generous benefit promises, wishful thinking and an unwillingness to plan prudently. Unless aggressive reforms are implemented now, the problem will get far worse, forcing counties and cities t...
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