Orange County Agencies See High Retiree Health Costs
Orange County and its cities have accumulated nearly $1 billion in unfunded liabilitiesÂ for long-term retiree health benefits, according to an Orange County Register analysis. Using data from the Governmental Accounting Standards Board, the Register analysis finds that Orange County and its cities paid nearly $50 million for retiree health care in fiscal year 2009-2010. It notes that most Orange County cities are paying the bare minimum to cover retiree health costs.
- "O.C. Agencies Face Down $1 Billion Pension Costs" (Saavedra, Orange County Register, 9/12).