Headline: Gov. Brown wants California to borrow from itself to fund employee pensions. Good idea
Publication: LA Times
Article Date: June 2, 2017
Governor Jerry Brown and Treasurer John Chiang are proposing to borrow $6 billion from the state’s Pooled Money Investment Account and spend it on an extra payment to the California Public Employees’ Retirement System (CalPERS) – that is, make an advance payment to CalPERS for pensions. The idea is that the one-time payment will save the state and localities billions over the next 30 years via reduced CalPERS contributions. Read article…