- The Los Angeles City Council debated on Tuesday, but ultimately put off a decision on a controversial worker retirement plan. The Los Angeles Times reports that the Council decided to work with employee unions to find cost-cutting measures to close a $405-million budget gap.
- A Los Angeles Times‘ editorial, “L.A.’s Fiscal Black Hole.” The piece says revenues are worse than expected, putting an early retirement plan in danger, noting it’s time to consider layoffs and other dractic actions.
- Sacramento County releases the amounts of highest paid pensions but has not released who gets the pension or what positions have earned it, according to The Sacramento Bee.
- An editorial by the San Francisco Chronicle discusses SB 88 as a “is a sop to public employee unions in the guise of state ‘concern’ about local governments’ broken finances.”
- A letter written to the San Bernardino Sun discusses that the city of Colton finally admits it’s broke.
- The Ventura County Grand Jury wants retirement reform, but it’s not an easy fix, according to a PublicCEO.com.
Its June 10 report, Ventura County Pension: An Uncontrollable Cost, is a microcosm of California county pension woes: almost $1 billion lost in fund assets in calendar year 2008, projected increases of over $100 million in costs by 2013, portfolio returns way below the 8 percent actuarial assumed earnings rate.