Posts tagged Bail Out
Op-ed: California doubles down on pension debt — and dares Congress to bail it out
July 23, 2026 // On July 1, California’s Assembly Appropriations Committee advanced AB 1383, a bill that guts the pension reform Sacramento passed in 2013 to keep its own promises honest. It would drop the public safety retirement age from 57 to 55, invent a new 3%-at-55 benefit formula, and let cities bargain away the cost-sharing rules that reform required. CalPERS already carries more than $179 billion in unfunded liabilities. California’s total state and local pension debt tops $200 billion. Sacramento’s answer, apparently, is to promise more.
In Final Weeks Before Election, PBGC Bails Out Several More Failing Union Pensions
October 27, 2024 // With the November 5th elections right around the corner, throughout the months of September and October, the Pension Benefit Guaranty Corporation (PBGC) has been busy approving and announcing the doling out of hundreds of millions of taxpayer dollars to failing union pension plans. While the plan bailouts are not as large as some of the bailouts provided over the last two years, in total, they are a substantial sum—nearly $900 million.