Opinion: The pension tsunami is far from over in California
Over the last decade, governments across the country have struggled with the unsustainable course of their public sector pension systems. While their investments in 2020 yielded a mirage of prosperity, they took major losses in subsequent years and could see yet another year of downturn.
Indeed, last year, the California Public Employees’ Retirement System took nearly $30 billion in losses. Pension debts have remained a challenge at all levels of government, from school boards to cities to counties and up to the state level. This is despite significant investments of taxpayer money toward pension contributions.
It’s even come at the expense of resources that could be used to offer public sector workers more attractive wages.endures, and gets worse, when investment returns fail to deliver. That’s because pensions are mostly funded by investments, with government employers and government employees contributing. If investments lag, who picks up the slack? Taxpayers.
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