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The Menlo Park City Council is scheduled to discuss what it should do about its pension obligations at its meeting scheduled for tonight, Tuesday, Nov. 13.
The council will meet for its scheduled “study session” at 6 p.m. in the council chambers at 701 Laurel St. in the Menlo Park Civic Center.
The discussion is intended to provide information to the public about employee pension obligations, how they developed, and what they’ll cost in the future; and consider what the city should do to plan for those costs, according to a staff report.
This summer, the San Mateo County Grand Jury came out with a report pointing to the fiscal vulnerability that unfunded pension liability can create for cities in the county, and advised cities to prepare for major increases in pension costs.
Council members are expected to give feedback to the staff or request follow-up information.
Access the meeting agenda here or stream the meeting online here.
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Do what private industry and many nonprofits have done. End the pension program and go to a strictly 401 plan.
The millennials should start paying attention to this long term debt and get out of their safe spaces.
I’ll be gone and they will inherit a broke system,
No wonder people are leaving the state in droves,
Housing costs, taxes, and a debt that realistically can’t be paid off.
Good luck kids, you might want to get off the couch and get involved