which a dozen other states have followed, has stymied state and local lawmakers now wrestling with hundreds of billions of dollars in pension shortfalls.
Created by the Legislature in 2003, the “air time” benefit permitted employees to pay a fee to add an extra five years to their work history for pension purposes. An employee of 20 years could qualify for a pension based on 25 years of contributions, which was particularly attractive to workers who took a break from their government jobs to take care of family or work on political campaigns.Under current law, pensions are treated as contracts protected by the California Constitution. Monday’s decision said a 2003 law that created the air-time benefit did not amount to a contract.
By deciding the air-time benefit did not amount to a pension promise, the court allowed public employers to shave retirement costs without toppling a bedrock legal principle protective of workers.
Not anymore. Stay tuned. The politicized courts will provide cover for the State to cut or rescind promised pensions as soon as the reality of massive unfunded liabilities catches up to the politicians. There’s more to come.
Pensions are deferred compensation for work already performed. Pension spiking is a crime. Firefighters are ruining the system for everyone else
🌹
BrownRbjr2002 is currently New policies since Quote to big to fail, cut or just bankruptcy protection of employees pensions now it's business as usual? Employee paid in , but after retirement sorry companies or states budgets cut no 💰? Hmm ethics anyone?
The only reason there are people left in CA
How wrong is this ? This is not a plan it is theft. Vote Republican next time folks . We deserve better
Spending other people’s money and out of control spending has consequences. You own it California. You voted for this.
With Socialism eventually you run out of other people's money. The time is coming soon for CA.
YEEEEESSSSSS
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California Supreme Court to decide whether government can cut pensionsFor more than 60 years, California has adhered to the so-called 'California Rule,' which guarantees workers the pensions that were in place the day they were hired. This has stymied state and local lawmakers now wrestling with hundreds of billions of dollars in pension shortfall. Politicians who made promises that cldnt possibly be kept Save his interests The bigger issue in that story - “constitutionally guaranteed public pension” WTF - when did we change the California Constitution for these GROSS UNETHICAL ABSURDLY OVERINFLATED pensions? And more importantly how do we change the constitution back
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