Little Hoover Commission on how to reform California’s pensions

The Little Hoover Commission’s report on how to stabilize California’s pension system, and therefore the finances of its  many governments, was published yesterday. It is worth reviewing. They state bluntly that “pension costs will crush government.” The report places the blame on bad math, lack of accountability and a lack of discipline. Reforms include: freezing benefits for current workers and moving to a hybrid defined contribution-defined benefit-Social Security based plan, modeled after the Federal Employees Retirement System (FERS) established in 1987.