Friday, October 23, 2009

California Treasurer Lockyer: pensions will ‘bankrupt’ state « Calpensions


California Treasurer Lockyer: pensions will ‘bankrupt’ state
"State Treasurer Bill Lockyer, who sits on both the CalPERS and CalSTRS public pension boards, got the attention of his listeners during a legislative hearing yesterday.

“It’s impossible for this Legislature to reform the pension system, and if we don’t it will bankrupt the state,” is the Lockyer quote jotted down by one observer.

“My general view of the pensions is that the current benefits that have been promised are probably hard to maintain and the (retiree) health benefits that have been promised are impossible to maintain,” he said."

What will a bankrupt California mean for the rest of our country?

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