Workers everywhere facing retirement woes
California's public employees aren't the only people whose retirements are in jeopardy. Private company pensions and related benefits were underfunded by an estimated $578 billion in 2011, according to a new report by S&P Dow Jones Indices.
"The American dream of a golden retirement for baby boomers is quickly dissipating," said the report's author, Howard Silverblatt.
The full story by Marc Lifsher appeared in Wednesday's L.A. Times.
California's pension systems, which have a $136-billion unfunded liability, were spotlighted by another new report focusing on the public sector. The conclusion was not surprising: The report said long-term pension costs are a serious threat to states and municipalities.
Stockton and San Bernardino have sought bankruptcy protection recently, in part because they can't afford pension obligations.
Although residents of San Jose and San Diego voted to reduce pension benefits in those cities, Democratic lawmakers in the Capitol have yet to come to an agreement with Gov. Jerry Brown about what to do with state employee retirement benefits.
The Legislature is expected to continue tackling the issue when it returns from summer recess next month.
Photo: Gov. Jerry Brown discusses his pension proposal at the Capitol in October. Credit: Rich Pedroncelli / Associated Press