This is an astounding figure:
During the last decade, California state government payments for retirement benefits have grown at an alarming and unsustainable rate, exceeding $5 billion a year, more than state support for the entire UC system. These huge and growing slices of the budget pie are needed to pay for average state retirement packages now valued at more than $1.2 million. The taxpayers who pay for those retirement benefits have an average of $60,000 saved for their own retirement.
California is a state where citizens can legislate at the ballot box. How long will they tolerate public employees more than $1 million richer in retirement benefits than they are?
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