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State pension fund seeks cities' aid
- Article from:
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Daily Breeze
- Article date:
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June 30, 2003
- Author:
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Copyright informationCopyright 2003 Daily Breeze. Provided by ProQuest LLC. (Hide copyright information)
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BENEFITS:
Hit by major investment losses, CalPERS looks to local
municipalities to help plug the fiscal hole.
COPLEY NEWS SERVICE
SACRAMENTO _ At a time when local revenues are shrinking, many
South Bay cities are being forced to swallow punishing pension fund
increases as tremors from the stock market continue to rock Main
Street.
But it was not that long ago that some of these very same cities
voluntarily approved more generous retirement benefits for workers,
inflating taxpayer costs.
Those decisions were inspired by gaudy Wall Street profits,
justified as necessary to keep top-caliber police and firefighters,
and embraced by politicians eager to curry favor with labor unions
and ...
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