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Atherton Pension Costs Skyrocketing

Original post made by Candle Lighter on Jan 25, 2010

In the last decade, California public pension costs have risen 2000% and this is the key reason California is in massive debt and may soon default on its bonds.

Some ten years ago, Phil Angelides (prepping for his run for governor, and undoubtedly pandering to public employee unions) promoted the notion that pension can be increased without any additional contribution from workers because the Dow was on its way to 35,000, etc. etc. Obviously, the rest is history.

Is there are good reason why new hires in Atherton are not being put on realistic pension plans instead of the ones we absolutely cannot afford? For example, we certainly cannot afford paying a police officer 90% of his or her salary for the rest of his or her life when they retire after 30 years of service at age 50.

Why is this not being done? Presumably because the town manager, as a recipient of a pension himself, is unlikely to spearhead such reform? The solution must lie within the town council.

Comments (1)

Posted by Some Cities, a resident of Atherton: Lloyden Park
on Jan 26, 2010 at 2:35 pm

I just heard today there are some bay area cities that cut pensions by 50%. They just said that they couldn't keep paying those high costs without the chance of going under. I think it was Burlingame area. An ex-cop is getting 50% less. That was fine with him. He was already working another job. When people retire that doesn't mean that don't get another job somewhere else.


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