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Contra Costa Taxpayers Association

Pension Crisis

11 Sep 2018 8:38 PM | Anonymous

As members of CoCoTax have been reporting at various city council meetings around the county, the public worker unfunded pension crisis will only increase in magnitude going forward for most agencies that offer a "defined benefit" pension plan.

One of the frustrations in trying to get a handle on the problem is that the key numbers keep changing, but the trend is clearly troubling.

The YouTube link below reports new twists in the problem.

https://www.youtube.com/watch?v=L_GvS6NhrZk

Note that for those agencies that also offer defined benefit health care plans, that unfunded shortfall will soon be added to the pension debt.

Although there are no solutions that will correct the deficit short-term, there are feasible steps agencies can start now to "stop the bleeding."  All that is required is both sides across the bargaining table acknowledging that the current situation is unsustainable, and demonstrating the civic will to do what is clearly necessary.


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