Calif. governments face $118 billion in retiree health costs

AP on Bakersfield Californian ^ | 1/07/08 | AP

[Brilliant]

He’s the one who let the cops retire at 55 with full benefits. Or maybe it was 50... I forget. And that was the tip of the iceberg. He essentially dropped a government retirement a-bomb on Schwarzenegger when he left office.

[Freedom_Is_Not_Free]

Surely you jest...

There are over $450 Billion in unfunded PRIVATE pension plan liabilities. Private, NOT public.

http://www.nader.org/interest/051905.html

[edcoil]

Arnold has had 5 years to fix it.

[edcoil]

Nader as a source.

[calcowgirl]

He’s the one who let the cops retire at 55 with full benefits. Or maybe it was 50... I forget. And that was the tip of the iceberg.

The age for public safety workers was reduced to 50 decades ago. (Firefighters in 1953, police in 1966). He did change some of the caps, but not the age. As such--that doesn't effect the subject of this thread which is the retiree health benefits (separate from pension)

He essentially dropped a government retirement a-bomb on Schwarzenegger when he left office.

Well, I'll add a tidbit--just in the interest of truisms. This administration falsely claimed that Davis left a $2 billion a-bomb (or similar language) to the pension fund, a completely bogus claim. During the dot-com boom, annual contributions to the fund fell to almost nil since the fund was earning enough to pay for itself. The $2 billion annual contribution just returned the state to its normal expenditure level, nothing more.