Tag: California
California Takes First Step to Cover Private Workers Without Pensions. The private sector has an inadequate retirement system. It is too small and too risky. With the decline of defined benefit pensions, most private sector workers will end up with Social Security and the balances in their 401(k) plans. In 2010, according to the Federa…
A recent press story highlighted proposed pension cuts in San Diego and San Jose, California as pioneering efforts to rein in pension costs (New York Times 6-6-12). These cuts were deemed newsworthy because they reduced future benefits for current participants, an action which at the beginning of the financial crisis was thought to have been…
