January 11, 2009

UNDERFUNDED / OVERGENEROUS PENSIONS PRODUCING RESISTANCE? Fullerton city council says no to pension increases. “Now comes Fullerton’s city council, which this week voted against a contract to increase most government workers’ pensions by 25 percent, retroactive to the employee’s hire date. The council had approved the new deal in a closed door session, according to the Orange County Register, but then backed away from it when one council member made the pension increase public. . . . We keep wondering, given moves by local governments up and down the state, is this the latest brush fire in a coming conflagration that could touch state pensions?”

Given that the state’s broke, and taxpayers are already suffering, I’d count it as likely.

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