Long Beach Mayor: Public Pension ‘Super Storm’ Coming
LONG BEACH (CBS) — The mayor of Long Beach warned on Wednesday that the skyrocketing cost of public employee pensions in California is making city budgets unsustainable.
Speaking at a pension policy forum entitled “Is California Headed for a Super Storm of Unfunded Pension Liabilities”, Mayor Bob Foster said it’s time to end finger-pointing and do something now to ease what’s become an increasingly nationwide epidemic.
KNX 1070’s Ron Kilgore reports with city coffers more than $1 billion short on funds, Foster has been meeting with employees unions to negotiate a potential fix.
Despite ongoing talks, Foster says there’s been little progress so far toward putting more of the cost on workers and extending the retirement age.
With tensions flaring all across the country over public pensions, the webcast opened the forum to state and local viewers to participate in the discussion by submitting questions via Twitter.
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