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California Panel Will Study Pension And Health ObligationsSAN FRANCISCO, Dec. 28 ( Reuters) — The governor of California, Arnold Schwarzenegger, who had proposed a partial privatization of the state’s public pension funds, set up a commission on Thursday to study how to meet pension and health care obligations. The 12-member commission will have one year to study the problem, determine the extent of unfunded liabilities and devise a plan. “They are obligations that must — and will — be paid by government,” Mr. Schwarzenegger said in a statement. He said that for governments everywhere, rising pension and retiree health care costs mean less money for other public programs like education, public safety, environmental protection and health care. In September, the state’s finance director said that California could face staggering costs from financing pensions, health care and other benefits for public employees. One legislative analyst estimate puts the costs at nearly $70 billion over approximately 30 years. In 2005, Mr. Schwarzenegger proposed a plan to privatize California’s public pension funds partially, including the California Public Employees’ Retirement System, the largest American pension fund. He withdrew the idea when faced with strong opposition from the state’s public workers’ unions during what was a difficult political year. The commission could provide support if Mr. Schwarzenegger seeks to revive such a plan. The previous proposal would have put new public workers into defined-contribution pension plans like private-sector 401(k) plans. Those who already hold jobs in the public sector would have stayed in traditional pension plans, which provide retirees with a defined monthly benefit payment. Tag CloudExternal InformationAdditional InformationAd Forecaster Lowers Estimates...Stocks & Bonds: Dow Slips on Report of Weak First Quarter... A Mortgage-Securities Hedge Fund Suspends Payouts... Woolworths backs off on Coles bid... Where Am I?News Main Page - Business - California Panel Will Study Pension And Health Obligations |
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