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Stanford Study Critical Of Pension Systems

The report is by the Stanford Institute for Economic Policy Research. It states the cost to the state of delaying pension solutions is quickly adding up.

"Everyday that we don't solve this problem costs us $3.4 million," said Joe Nation, a Stanford Professor who wrote the report. He's also a former Democratic California State Assemblyman.

The study covers California's three largest pension systems: CalPERS, CalSTRS and the University of California Retirement Plan.

Nation said state lawmakers need to step up and approve serious pension reforms.

"That will mean that we'll have to contribute more to these pension systems right now. But that will save us money in the long run."

CalPERS and CalSTRS said the Stanford report relies on outdated data and methodologies that are out of sync with government accounting rules.

Comments

Avatar for user 'HarryStreet'

HarryStreet | December 14, 2011 at 11:07 a.m. ― 2 years, 7 months ago

I've said it before and I'll keep saying it! THESE PENSION BENEFITS SHOULD BE NULLED AND VOID! To expect the taxpayers to foot such a benefit with long-term effects means higher taxes, and that should have required a vote by the taxpayers to see if we agreed to such an arrangement. No amount of service to the community justifies the current pension arrangement. Taxpayers never would've agreed to be strapped with such a bill. It's coming down to us vs. them. I choose us!

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