California doubles down on pension debt — and dares Congress to bail it out

On July 1, California’s Assembly Appropriations Committee advanced AB 1383, a bill that guts the pension reform Sacramento passed in 2013 to keep its own promises honest. It would drop the public safety retirement age from 57 to 55, invent a new 3%-at-55 benefit formula, and let cities bargain away the cost-sharing rules that reform required. CalPERS continue reading …