California pension data highlights troubling trends
By Jon Ortiz - The Sacramento Bee
jortiz@sacbee.com
10/29/2014 11:27 AM
10/29/2014 3:25 PM
Local-government employers contributions to defined-benefit retirement
systems have nearly tripled in the last 11 years, according to the most recent
data published by the California State Controllerfs Office, while employee
contributions have nearly doubled.
Meanwhile, more retirees are drawing money from their retirement systems
while fewer active employees are paying in. Some of the troubling numbers:
▪ Cities and counties
statewide paid $17.52 billion last year into pension funds, up from $6.38
billion in 2003. Employeesf contributions rose from $5.21 billion to $9.07
billion in 2013.
▪ Despite receiving more
money, pension systemsf unfunded liabilities soared from $6.33 billion to
$198.16 billion over the 11-year span.
▪ The number of local
government retirees drawing benefits increased 50 percent, from a little over
800,000 in 2003 to 1.22 million last year.
▪ In 2013, there were 2.14
million active employees who paid into their retirement systems, down slightly
from 2.25 million workers on local government payrolls in 2003.
Controller John Chiang, who is running for state treasurer, recently added
public pension information to his BytheNumbers.sco.ca.gov website. The Internet data
clearinghouse gives users access to raw financial data from Californiafs 58
counties and more than 450 cities. The data is audited by certified public
accountants chosen by each individual pension system.