Sonoma County Pension Costs Skyrocket
The Santa Rosa Press- Democrat looks at the recent decision by the California Pension and Retirement System to lower their earnings expectations. They include a rather startling fact about their county's pension costs:
"Sonoma County has seen its annual pension costs increase from $20 million in 2000 to $113 million last year."
That's millions of dollars that could be spent on filling potholes or other county functions but now go to county employees no longer working, or won't be. You have to wonder where Humboldt's pension debt stands?
I notice Richard Rider made a comment to the story that's worth a read, pointing out California will likely surpass the state with the biggest pension debt- Alaska- within 18 months:
"Correct. Indeed, according to my analysis, we'll pass Alaska in less than 18 months, becoming THE worst state for pension debt per household."