CalPERS should fix pensions before they disappear

Published: Monday, Nov. 4, 2013 - 8:11 am
Last Modified: Monday, Nov. 4, 2013 - 10:57 am

Re "To save jobs, unions should embrace reform" (Editorials, Nov. 4): Since CalPERS promoted dramatic pension formulas that can not be sustained without substantial member and employer contribution rate increases, it has to do much more than just watch the statewide damage to jobs and public services .

CalPERS should start by acknowledging the known long-term cost of those benefits and not avoid that by recycling pension allowance numbers in public forums based on present pension allowances under older pension formulas and lower salaries.

CalPERS also should explore alternatives for those platinum pension formulas for members and employers who have been priced out by monthly rates they cannot afford to pay .Why shouldn't public employees be able to chose between affordable pension formulas the way they chose between affordable health plans?

Private pension plans have disappeared and so will public pension plans , if CalPERS and other administators do not start to perform their fiduciary duty to ensure their future .

-- Gerald Ross Adams, Sacramento

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