|The Senator Reports
||August 20th, 2009|
The High Price of Pensions
By Senator Mark Wyland (R-Carlsbad)
Tucked away in California’s budget are the billions of dollars spent each year to pay for state employees’ retirement benefits. Over time this payout will skyrocket, threatening our state’s ability to perform even basic functions.
While most Californians are dependent upon their 401(k) and other investments during their golden years, state employees benefit from laws guaranteeing a paycheck and free healthcare for the rest of their lives, and taxpayers will be on the hook to foot the bill. This year California will spend over $6 billion dollars on public employee retirement benefits.
To address this problem and similar spending issues, I have proposed reforms that will compel the Legislature to deeply analyze expenditures by working on only the budget and oversight in the first year of the two-year legislative cycle. If California currently had a structure that allows for this kind of performance evaluation, maybe we wouldn’t find ourselves in this pension mess today.
Senator Mark Wyland represents the people of the 38th Senate District, which includes cities in north San Diego County and the south Orange County cities of San Clemente and San Juan Capistrano.
Senator Mark Wyland
1910 Palomar Point Way, Suite 105
Carlsbad, California 92008