…and may come to CalPERS, the state pension system, which holds that public employee pensions, unlike everybody else’s, cannot be cut in tough times. And that, even in bankruptcy, a city’s employees deserve special privileges.
The SacBee’s Dan Walters points out that Uncle Sam may not see it that way. And that is just, because, as he also points out, CalPERS assured cities they could give employees enhanced retirement — earlier, more money — without paying more. They bear a share of the responsibility for municipal bankruptcies; they should be part of the solution.