Taxpayers and Retirees Well Served by OC Supes’ Appointments to Retirement Board
Not unlike it’s behemoth statewide counterparts, CalPERS and CalSTRS, the Orange County Public Employee Retirement System (OCERS) is facing an unfunded pension liability that is epic in size (for Orange County it’s approaching $6 billion, for the statewide groups its exponentially larger). In fact a study out of Stanford University pegs the aggregate unfunded liability statewide at just shy of half a trillion dollars. To illustrate the difficulty of trying to bring down these numbers, you need look no further than the very modest so-called Public Employees Pension Reform Act (PEPRA) which contained limited reforms championed in the 2012 legislative session by Governor Brown and legislative Democrats. For all of the hoopla and declarations of “meaningful pension reform” that new law addressed significantly less than… Read More