San Bernardino County has its own pension fund (as opposed to the city of San Bernardino which is part of CalPERs) but is still facing the same basic fundamental issues that many public pensions are facing- not enough funding because benefits were too generous, allowing employees to retire younger and they live longer). The trade off has been that as more money is forced to pay for pensions there is less money for raises or for hiring additional employees (so public agencies typically see increasing costs and a reduction in services). These are challenging times. I applaud the county for getting their house in order and I regret that the city of San Bernardino failed to do so.
Posted on: Sun, 11 Jan 2015 20:33:22 +0000
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