Current Affairs

"When Lunatics Run the Asylum You Get Monty Python"

Steven Greenhut with still more on the lunacy of government pensions, particularly California's.

Related: "CalPERS says town defaulted on pension debt. What’s next for tiny Loyalton?"

The default means the CalPERS board can move to reduce retirees’ benefits in Loyalton by about 60 percent, according to a formula that takes into account the dollars the city has already paid into the pension system. That would mark the first time in state history that CalPERS has reduced retirees’ benefits because of a municipality’s failure to pay its pension bills.