Skip to main content

User menu

  • Home
  • Post a Job
  • Register

Site Network

  • County News
  • School News
Home
  • News
    • Campaigns and Elections
    • Pension Reform
    • Comings and Goings
  • Local Policy Issues
    • Housing and Land Use
    • Infrastructure
    • Green
    • Health Care
    • Public Safety
    • Transportation
    • Transparency
    • Cybersecurity
    • admin
  • Jobs Board
  • Contact

Now Hiring?

Breadcrumb

  1. Home
  2. Stanford Professor Joe Nation Talks Pension Crisis

Stanford Professor Joe Nation Talks Pension Crisis

By Brittany M. on
  • facebook-f
  • twitter
  • envelope
  • print
8208

The noose is tightening around California’s cities and counties. At least one-third of local and state budgets now go toward public employee pensions. And that number is expected to climb much higher, putting a number of municipalities at risk of bankruptcy.

Public pensions are “the albatross around the necks of cities and counties,” Stanford Professor of Public Policy Joe Nation told attendees at a university workshop on public retirement last month. “Unless we do something the system may not survive.”

The nation’s largest public pension system, CalPERS, is short by as much as $1 trillion by some estimates, though unrealistic investment projections conceal the true extent of the problem. But the lower the projected rate of return, the more cities and counties -- and their taxpayers -- are forced to foot the bill. That puts everyone in a seemingly untenable position.

CBS San Francisco reporter Melissa Griffin recently sat down with Joe Nation to discuss the issue further.

“This is absolutely the most challenging issue facing state and local government, not just in California but across the country,” Nation told her. No one is safe. No municipality should feel comfortable with the retirement system the way things are.

Nation talked about the need for leadership from both the state legislature and the public employees unions. He also discussed some of the legal aspects, including the fate of the so-called ‘California rule.’

Watch the interview here. 

Tags
Featured
pensions
budgets
Section
Pension Reform
Brittany M.
Published 5 years ago
Last updated 5 years ago
8208
  • facebook-f
  • twitter
  • envelope
  • print
Sign Up for Our Awesome Newsletter

 

City Jobs

  • Water Resources Manager
    San Joaquin County
  • Chief Animal Control Officer
    City of Sacramento
  • General Manager
    Incline Village General Improvement District
  • County Clerk and Recorder Legal Compliance Officer
    County of Ventura
  • Assistant General Manager – Finance & Risk Management
    City of Glendale
  • Development Services Director
    City of Colton
  • City Attorney
    City of Brentwood, CA
  • Deputy Director - SJGH Nursing Maternal/Child Services
    San Joaquin County - San Joaquin General Hospital
  • City Clerk
    City of Palo Alto, CA
  • Children's System of Care Attorney
    Placer County

Campaigns & Elections

Santa Ana Considers Allowing Noncitizens to Vote
Wednesday, September 20, 2023
Undocumented immigrants could be able to vote in Santa Ana municipal elections under a policy being…
Rancho Cordova to Adopt New Map for District Elections
Tuesday, September 12, 2023
The Rancho Cordova City Council will take a major step next week toward finalizing a district-based…
Oakland Sees Another Election Mix-Up Involving Candidates for School Board
Thursday, August 24, 2023
A city error that almost disqualified the only two candidates from Oakland Unified’s District 5…
Stockton Mayor Kevin Lincoln Running for Congress
Thursday, July 20, 2023
In 2020, Stockton experienced a huge political upset when the Republican pastor of a local church,…
Former San Diego Mayor Kevin Faulconer Launches Bid to Unseat Terra Lawson-Remer
Tuesday, July 18, 2023
Former San Diego Mayor Kevin Faulconer has announced his candidacy for the county’s Third District…

Comings & Goings

Santa Barbara County Sees More City Manager Retirements
Tuesday, September 12, 2023
At least two administrators from the Santa Barbara County area will vacate their positions this…
Laguna Beach Hires Interim City Manager
Thursday, September 7, 2023
Retired Irvine city manager Sean Joyce will take over as the interim city manager of Laguna Beach…
Manteca Hires New Director of Finance
Tuesday, September 5, 2023
The City of Manteca has hired a new finance director. Shay Narayan, who currently serves as budget…
City Manager Shohreh Dupuis Parts Ways With Laguna Beach
Monday, August 28, 2023
The City of Laguna Beach has announced a “mutually-agreed upon” separation with Shohreh Dupuis, who…
Benicia Taps Next City Manager
Tuesday, August 15, 2023
Benicia’s city council has promoted its interim city manager to the permanent role.  Mario…
Clear keys input element