State Faces Steep Retiree Health Care Costs
"Private companies have reduced or even eliminated traditional retirement payouts in recent years, while politicians have sweetened benefits for government retirees," George Skelton writes in an opinion piece. He notes that Gov. Arnold Schwarzenegger's finance director Mike Genest estimates it will cost the state an additional $1.1 billion annually to fully fund retiree health care. The state already spends $1.6 billion on retiree health care and $4 billion on pensions.
- "California Public Employee Pensions, Health Care a Fiscal Time Bomb" (Skelton, Los Angeles Times, 6/2).