The city of Yuba City had representatives of CalPers visit on October 10th for a public meeting. Unfortunately the general public, being apathetic, refrained from attending.
The gist of the meeting emphasized the disturbing financial condition within the pension group itself and the probability of reduced payments in the future for many of the Pension Millionaires.
Kudos must go to Mayor Harris as he was the first and only official to bring CalPers reps to Yuba City (since 2004) explaining how they handle retirees funds. Shamefully those (taxpayers) who complain about our deteriorated roads etc. pay little or no attention to the debt being transferred to our Grandchildren’s children.
We (Yuba City taxpayers) are endeavoring to reduce the overdraft in the pension accounts, however while city services are reduced the unfunded liability remains.
Public meetings prior to the last elections had all those seeking office state they were making pensions their prime concern. Let’s have another public meeting to announce the council’s solution to our quagmire. Perhaps the city should serve free beer and snacks as an enticement for attendees.