Long-term City Debt
We must find a means for tackling long-term City debt.
“As pension liabilities continue to soar, California faces a looming fiscal crisis that could cripple California’s ability to offer basic services,” Glazer said.
“This is the sleeper issue of our time, and if we don’t act on it, we will be forced to make budgetary decisions that will create extreme hardships on families across the state.”
Baker added, “Our pension system is already crowding out essential government services, and threatening our future financial health. It is our duty to put politics aside, and find a long-term solution while economic times are better. We should not kick the can down the road, and wait until economic times are worse, and the crisis deeper.”
Sen. Glazer Introduced Pension Reform Legislation, SB 1149 (DEFEATED April 24, 2018)
State Could Offer Portable Plans to New Employees
Feb 14, 2018…
SACRAMENTO – New state employees would be free to opt out of the state pension plan and choose a self-directed and portable retirement plan instead under legislation introduced today by State Sen. Steve Glazer (D-Orinda). Read more…
From the Sacramento Bee (1:45 minute video)…
California’s two major public pension systems are underfunded and are asking local governments to pay more. Critics want to reduce benefits, while others say policymakers should allow time for recent changes to take hold.
By Emily Zentner
Sen. Glazer’s bill did not pass, but it is an example of how municipalities must work to support long-term pension reform.