Fullerton’s city manager to discuss the public employee pension crisis tomorrow in Newport Beach

Fullerton City Manager Ken Domer will be participating tomorrow in a forum on California’s public employee pension crisis sponsored by the Association of California Cities-Orange County. The event will be held in Newport Beach.

Ken DomerIn addition to Domer, the discussion will include state Sen. John Moorlach (R-Costa Mesa), Newport Beach City Councilwoman Diane Dixon, Huntington Beach City Councilwoman Lyn Semeta, Huntington Beach Assistant City Manager Lori Ann Farrell and Kerry Worgan, chief actuary of the California Public Employees’ Retirement System (CalPERS).

The forum will run from 8:00 am to noon at the Newport Coast Community Center, 6401 San Joaquin Hills Road. Tickets are $25 for association members and $45 for nonmembers. [Source: Daily Pilot]

This entry was posted in John Moorlach, Ken Domer, Pensions. Bookmark the permalink.

One Response to Fullerton’s city manager to discuss the public employee pension crisis tomorrow in Newport Beach

  1. Ronald Stein says:

    We’re constantly trying to put band aids over the wound, but the only way to heal the wound is to change Defined Benefits to Defined Contributions, like the rest of the world.

    Since the public pension system is severely underfunded, city governments need to fund the retirements of former employees by taking money from government services as the increasing pension costs will likely continue to crowd out resources that otherwise would go to public assistance, recreation, libraries, health, public works, and in some cases public safety. Benefit costs are slowly crowding out the discretionary money available for states, districts, and schools to spend on other priorities.

    “Defined retirement benefits” are creeping into budgets, especially when those benefits are underfunded. The unintended consequences are that it’s unfortunate that future generations, unable to vote today, will bear the costs of many enacted pension programs, entitlements and boondoggle projects, requiring the younger generations to pay higher taxes and work later into their lives to pay for these promises.

    The international business world is intelligent enough to know that DEFINED BENEFITS, neither capped nor precisely quantifiable in advance financial disasters to any business, thus all businesses focus on the known, i.e., defined CONTRIBUTIONS alone.

    Stealing from the young who have no votes, but silently shoulder the costs and bear the burden of unfunded promises of these programs to enrich the old seems to describe the Governments expansion of entitlement benefits and other government services, along with the taxes young people will have to pay to support them, mostly to subsidize older Americans.

    Even before those young folks can vote, our Golden State schools are on track to force substantial budgetary cutbacks on core education spending, as public schools around California are bracing for a crisis driven by skyrocketing worker pension costs that are expected to force districts to divert billions of dollars away from education and other government services.