A recent decision by state pension fund officials to reduce expectations on future investment returns is a positive step toward a more realistic approach, although it does not go nearly far enough, writes columnist Dan Walters in the Modesto Bee. Increased pension benefits promised to government employees combined with poor investment performance has resulted in rapidly increasing unfunded pension liabilities that urgently require constructive attention by policymakers.
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Jon Coupal is the President of the Howard Jarvis Taxpayers Association (HJTA). HJTA, with offices in both Los Angeles and Sacramento, is the largest taxpayers association in California with a membership of over 200,000. Founded by the late Howard Jarvis, the author of Proposition 13, HJTA’s name is synonymous with tax relief and the uncompromising defense of the California homeowner.