Wednesday, December 14, 2011
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CalPERS and CalSTRS said the Stanford report relies on outdated data and methodologies that are out of sync with government accounting rules.