While it’s good news that two pension expansion measures (AB 569 and AB 1383) that we opposed will not advance, the bad news is that new unfunded liabilities are still being manufactured every year by CA’s public pension fund boards utilizing unrealistic expected rates of return, a practice that has already imposed hundreds of billions of dollars of extra costs on taxpayers. Governor Newsom, Speaker Rivas, Senate President McGuire, Treasurer Ma and Controller Cohen should demand that CA’s public pension fund boards stop that practice.
