10:00 PM PDT on Saturday, May 1, 2010
Riverside County needs to bring its lavish public pension system back in line with financial reality. The county faces growing costs for retirement benefits at a time when budget shortfalls threaten public services. Supervisors should make changes that create a more affordable system and ease the burden on taxpayers.
A new report from the county’s Pension Advisory Review Committee puts the county’s retirement plan in stark context. The county has to find an additional $800 million over the next 30 years to pay for its pension promises, including the $375 million the county still owes on a pension bond from 2005.
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