Tagged: reform

When you look up the origins of word “pension” in the dictionary, you’ll see that it comes from the Latin verb, pendo, which means to pay or value, and to weigh or hang. It’s actually the same root that gives us nouns like pendant. And back here in the 21st century, the costs of providing a defined benefit retirement programs are increasingly weighing down budget across the state.

According to some estimates, California's three largest statewide pension systems, CalPERS, CalSTRS and the UC Retirement System could have a combined shortfall of as much as $500 billion.