Retiring Public Pension Plans
The Los Angeles County Business Federation is a grassroots alliance of more than 70 existing business organizations with over 100,000 businesses whose goal is to effectively mobilize the collective voice of the Los Angeles County business community.
The public pension crisis that threatens to financially bury California municipalities, counties and the state itself has ignited a belated flurry of political vows, rhetoric and a good deal of babble in recent weeks aimed at staving off an economic Katrina.
Meanwhile, billions of dollars in unfunded liabilities for promised public-employee pension plans are pushing dozens of municipalities toward the same fate as the city of Vallejo, which filed for bankruptcy two years ago, overwhelmed by massive public debt in unfunded pension and employee health care obligations.