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Orange county file lawsuit to void pension agreement

The Los Angeles Times (1/30, Berthelsen) reported that California's Orange County supervisors "voted unanimously Tuesday to file a lawsuit seeking to repeal part of their pension agreement with sheriff's deputies, saying the county cannot afford the expense." Should the county prevail, it would save "$187 million in the coming decades" but also face the "wrath of one of the county's most politically powerful unions."

The lawsuit was driven largely by Chairman John Moorlach, previously the county's treasurer, who "has long advocated reforming the generous deals of county's pension agreements with its public employee unions" -- much like those struck elsewhere in the state in recent years --
that have "created an estimated $2.3-billion pension fund shortfall over the next 30 years."

A good example of a "defined benefit" pension program, the provisions allowed public Sheriff deputies to retire at age 50 with annual pension payments totaling 3% of their highest year's pay, multiplied by their years of service -- an increase from 2% under the previous deal -- and granted the benefit retroactively. Deputies, "on average," retire with an annual pension of $70,000 [received until they pass away].

Comments

Today the California state budget is under crisis again. Not only is the Gov'nator is threatening to let the government go broke if he does not get what he wants. All of California is held hostage to this actor trying to play a governor.

It is insane. Yes, the our state needs to cut spending, but I don't think taking men and woman's retirement funds is right. They put their life on the line to protect our society.

I know $70,000 may seem substaincial but in California it could barely pay the bills!

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Ab welchem Berufsstatus sollte man an eine Berufsunfähigkeitsversicherung denken?

Hubert H. Humphrey Institute of Public Affairs