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Podcasts Take Two
Pension reform: Long Beach claims leadership in reducing risk
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Oct 29, 2013
Listen • 4:29
Pension reform: Long Beach claims leadership in reducing risk
Workers will pay more into their pensions, and new hires will retire later with lower benefits. It's part of the city's plan to climb out of a billion dollar hole.
Long Beach Mayor Bob Foster says changes in union contracts and improved investments have reduced the city's unfunded pension liability.
Long Beach Mayor Bob Foster says changes in union contracts and improved investments have reduced the city's unfunded pension liability.
(
Sharon McNary/KPCC
)
Steven James, president of the Long Beach Police Officers Association, says his members were the first of the city unions to agree to put more of their paycheck into their pensions.
Steven James, president of the Long Beach Police Officers Association, says his members were the first of the city unions to agree to put more of their paycheck into their pensions.
(
Sharon McNary/KPCC
)
Long Beach City Councilman Gary DeLong wants the city to be able to change the future pension benefits of current city workers, in the same way the private sector can negotiate such changes.
Long Beach City Councilman Gary DeLong wants the city to be able to change the future pension benefits of current city workers, in the same way the private sector can negotiate such changes.
(
Sharon McNary/KPCC
)

Workers will pay more into their pensions, and new hires will retire later with lower benefits. It's part of the city's plan to climb out of a billion dollar hole.

Many California cities have promised workers far more in pensions than they can deliver.

Attempts in San Jose, San Diego and elsewhere to reduce public employee retirement packages have ended up in court. So when Long Beach announced it would soon become the largest California city to get its employees to accept pension reform,

KPCC political reporter Sharon McNary has the story.