Pension liability growing by billions each year

Nov 14, 2014 2:17 PM by News Staff

SACRAMENTO, Calif. (AP) - California taxpayers are liable for billions of dollars more each year to cover the retirement benefits for police, firefighters, teachers and other public employees.

The state controller's office recently released a decade of pension data. It shows the state's 130 public pension systems carried $198 billion in unfunded liability in 2013, up from $6.3 billion in 2003.

Controller John Chiang has been using his position as the state's chief fiscal officer to make government records transparent and accessible. Chiang is a Democrat who recently cruised to victory in the state treasurer's race.

The massive amount of financial data is on his website, .

Chiang warns that many of the state's public pension systems are unhealthy. Only 22 were funded at over 80 percent, the benchmark often used to measure solvency.

Copyright 2014 The Associated Press. All rights reserved.


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