CALIFORNIA
As if the state's budget problems weren't big enough, California's unfunded obligation for future government retiree health benefits has now topped $48 billion. According to state Controller John Chiang:
- The amount California is obligated to pay but has not funded is $340 million more than previously projected.
- Future obligations now stand at $48.2 billion.
- The tab would have been higher had the California Public Employees' Retirement System not used surplus money to offset rising health care rates.
A bipartisan panel appointed by Gov. Arnold Schwarzenegger handed over a voluminous report in January 2008 recommending pension reforms.
[ 'recommending reforms'? WE'RE BANKRUPT, they're civil servants, why do we allow them to unionize in the first place?]
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