Guv Backs Federal Pension Reform

Steven Greenhut: Gov. Arnold Schwarzenegger released this statement today regarding a new congressional bill requiring state and local governments to come clean about the real size of their pension debts:

“It is abundantly clear that public pension funds must disclose the full extent of pension liabilities, and I applaud Congressmen Nunes, Ryan and Issa for their commitment to increasing pension fund transparency. A recent report I commissioned from Stanford University showed California’s unfunded pension liabilities to be half a trillion dollars, nearly 10 times the amount reported by the state’s public pension funds. The true size of California’s pension liabilities came as a shock to taxpayers, who are on the hook for public pension promises and already suffering the consequences of that hidden debt. Taxpayers deserve to know the truth, and that is why I championed reforms this year that include new transparency requirements in California. I encourage all members of Congress to embrace the vital importance of public pension fund transparency and work together toward it.”

DEC. 6