A test for state’s untouchable pensions
Stockton, on verge of bankruptcy, running up against the 800-pound gorilla known as CalPERS
By MARY WILLIAMS WALSH
NEW YORK TIMES
Published: Sunday, March 18, 2012 at 4:03 a.m.
Last Modified: Sunday, March 18, 2012 at 4:03 a.m.
When the city manager of troubled Stockton had to tell City Council members why it was on track to become the biggest U.S. city yet to go bankrupt, it took hours to get through the list.
There was the free health care for retirees, the unpaid parking tickets, the revenue bonds without enough revenue to pay them. On it went, a grim drumbeat of practically every fiscal malady imaginable, except an obvious one: municipal pensions.