Gov. Jerry Brown is expected to sign AB 340, a bill enacting landmark California public pension reform. In a rare show of bipartisan cooperation, legislators from both parties overwhelmingly passed it on Friday.
The face of America’s debt problem is California. Extravagant pensions symbolize the fiscal problems of local municipalities.
The two major California public pension funds have a combined unfunded liability of about $72 billion, yet Gov. Brown just postponed pension reform.
Also pending in Sacramento: a bill that allows children in California to have more than two parents.
On Tuesday, Stockton California said talks with creditors had failed and prepared to file Chapter 9 bankruptcy. They will be the largest American city ever to do so and the results will be closely watched.
Voters in San Jose and San Diego overwhelmingly approved public pension reform for their cities on Tuesday. It was beyond a landslide.
Voters in San Jose and San Diego will decide on Tuesday whether to approve measures that will lower public pension costs by reducing benefits.
