EDITORIAL: Pension outlook darkens for California taxpayers

Governor Jerry Brown’s recent budget proposal reveals unfunded pension liabilities have risen to $140 billion, indicating reform is needed, writes the Orange County Register.  Unfunded liabilities are debts which the state will not be able to pay based on current projections that take into account pension fund rates of return and employee contributions.  One local reform measure passed in San Diego is currently facing legal challenge while another statewide measure may appear on California’s November ballot.

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