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ERIC Number: ED517461
Record Type: Non-Journal
Publication Date: 2010-Oct
Pages: 4
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Trouble Brewing in Los Angeles. Policy Brief
Buck, Stuart
Foundation for Educational Choice
The city of Los Angeles will face enormous budgetary pressures from the growing deficits in public pensions, both at a state and local level. In this policy brief, the author estimates that Los Angeles faces a total $152.6 billion liability for pensions that are underfunded--including $49.1 billion for the city pension systems, $2.4 billion for retiree health benefits, and an estimated $101 billion share of unfunded liabilities for California state retiree benefits. These estimates are made by correcting the state and local pension plans' figures, which use a too-optimistic assumption that their investments will grow by about 8% per year for the indefinite future. Unless state and city pensions are brought under control, these skyrocketing costs could easily force Los Angeles to limit or forgo many other important public expenditures, such as road repair, schools, and healthcare. (Contains 10 endnotes.) [For related reports, see "Trouble Brewing: The Disaster of California State Pensions. State Research" (ED517459); "Trouble Brewing in San Francisco. Policy Brief" (ED517460); "Trouble Brewing in Orange County. Policy Brief" (ED517462); and "Trouble Brewing in San Diego. Policy Brief" (ED517463).]
Foundation for Educational Choice. One American Square Suite 2420, Indianapolis, IN 46282. Tel: 317-681-0745; Fax: 317-681-0945; e-mail: info@edchoice.org; Web site: http://www.edchoice.org
Publication Type: Reports - Evaluative
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Foundation for Educational Choice
Identifiers - Location: California