The 20 counties, with a combined population of 29.3 million, have a total unfunded liability for their pension systems of $37.2 billion. But, the study says, when you add pension bond obligations and unfunded health care liabilities, the unfunded total nearly doubles, to $72.3 billion.”
The California Political News and Views has brought you stories about CalPRS, CalSTRS, the UC system, LA DWP, among others having unfunded pension liabilities. Now a report has been made about the twenty counties that have their separate pensions systems. The bad news is that combined, they have unfunded liabilities of $73 billion.
As the costs go up, and due to revenues losses because productive jobs are leaving the State, these counties will join Detroit, Stockton, Vallejo and the State of California in an impending collapse of the systems.
“The report, issued by the California Policy Center, looks not only at pension costs—which are the sole focus of most such previous analyses—but also includes retirement health care costs, along with balances of any bonds counties have had to sell to raise money to pay retirees.
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