California city rushes to INCREASE pension benefits?! (Contra Costa Times)

November 27, 2012 – In a bizarre twist on pension reform, Antioch leaders are considering increasing retirement benefits for future employees hired from other cities. The misguided move would raise city pension costs for decades. And it would reverse recent changes City Council members had touted as evidence they were serious about controlling retirement expenses. To make the latest move, city officials must act before new statewide pension laws take effect Jan. 1. So the proposal has been rushed onto Tuesday night’s agenda without any cost analysis. It’s wrongheaded — especially in a city like Antioch, which is already drowning in $59 million of debt for underfunded retirement benefits, an amount equal to 2½ years of base payroll.

Link to Full Article: http://www.contracostatimes.com/news/ci_22070368/daniel-borenstein-antioch-rushing-increase-pension-benefits

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