| San Bernardino County, CA | June 5, 2012 Election |
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Necessary Pension ReformsBy James R. BagleyCandidate for Member, Board of Supervisors; County of San Bernardino; District 3 |
This information is provided by the candidate | |
Unfunded liabilities threaten the long-term financial viability of the county. The Board of Supervisors must act to protect the public interest of the taxpayers and employees.The greatest threat to the long-term financial viability of the county is the rising unfunded liabilities from of out of control pension costs. As of June 2011, the current unfunded liabilities obligations exceeded 1.7 billion dollars. This is fiscally irresponsible mismanagement. The county must implement a new system of accountably to both the taxpayers and the employees counting on retirement funds. New hires must enter with a realistic hybrid plan of 401(K) and sustainable defined benefits to avoid a catastrophic failure in the future. The use of use false actuarial projections must end; only actual annual returns should be the guide for calculated benefits. Using fabricated accounting serves no useful propose. It should be unlawful. This is an example of an area where necessary transparency in county governance must occur. |
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Created from information supplied by the candidate: May 11, 2012 18:49
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