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, BytheNumbers.sco.ca.gov .
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.
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