Republicans, Democrats both see political advantage in California pensions issue
source: http://www.latimes.com/news/local/le-me-pensions-20110318,0,6141869.story
Reporting from Sacramento -- Government pensions are being scaled back across the nation, but labor unions in California are struggling to fortify the state's position as a bulwark for generous retirement benefits.
Those seeking to dismantle the state's current system say taxpayers, who foot part of the bill, simply can't afford it. But the battle is as much about politics as finances.
Some labor leaders have said they'd sooner see state budget negotiations unravel than give way on pensions for their members. GOP lawmakers, who are leading the charge for a pension overhaul in Sacramento, say they are prepared to let that happen.
They concede, when pressed, that adjusting pensions now won't provide substantial savings to the state for years to come and would do little to ease the current budget crisis. It would, however, dilute the influence of labor in California politics.
The GOP push in California is part of a "national Republican strategy that goes beyond simply fixing the problems as we know them," said Art Pulaski, executive director of the California Labor Federation.
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crunchynuts
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..."At stake are retirement benefits that far exceed what is available to the average private sector worker. The California Foundation for Fiscal Responsibility, a group pushing for pension changes, has on its website statistics from the state's three largest pension systems that show more than 15,000 government retirees collecting pensions greater than $100,000 annually.
Some employees can retire with guaranteed payouts higher than their best salary, and many public safety professionals can start collecting retirement pay at age 50. Workers who want to raise their retirement income can buy additional years of credit at a price most investment professionals consider a steal..."
tax payer funded benefits.....no wonder the state is broke
- 1 year ago
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crunchynuts
