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Report: Public pension, health care gaps grew in 2008-09
SacBee: The State Worker ^ | 4/27/11 | Jon Ortiz

Posted on 04/27/2011 7:36:26 PM PDT by SmithL

California public pension funds had a combined $490 billion in obligations in fiscal 2008-09 and enough assets on hand to cover 81 percent of those promises, according to a new report.

But the state's overall public employee retiree health care liabilities reached $66.6 billion with virtually no money set aside for those future obligations, according to the survey by Pew Center on the States.

"The Widening Gap: The Great Recession's Impact on State Pension and Retiree Health Care Costs" also says that California should have paid $12.4 billion into its public retirement funds that year but paid only about 82 percent of that.

(Excerpt) Read more at blogs.sacbee.com ...


TOPICS: Government; Politics/Elections; US: California
KEYWORDS: goldenstate; unfunded; unionthugs; yourtaxdollarsatwork

1 posted on 04/27/2011 7:36:33 PM PDT by SmithL
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To: SmithL
That's a half a TRILLION Dollars! There's an unholy alliance between public service unions and the politicians they elect to primarily up the benefits to the union members.

This is RICO, a criminal enterprise between politicians and union leaders and the Feds will eventually get involved.

2 posted on 04/27/2011 8:25:33 PM PDT by Zuben Elgenubi
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