California Pension payments went from $160 million to $2.6 Billion in 4.5 years?
If we don't put a stop to this in Illinois (and nationally) there is going to be violence. These numbers are criminal and an inducment (warranted) to rioting.
Schwarzenegger postpones pension overhaul plan
Reducing the state’s expenses by revamping its public pension system has been part of the governor’s agenda for improving state finances. California now is contributing about $2.6 billion a year to its pension program, up from $160 million in 2000, and the costs are out of control, the governor said.
His supporters had already gathered 400,000 signatures to put the issue to voters this fall. But on Thursday, the governor said firefighters and law enforcement officials pressed him to reconsider because the initiative, according to a state analysis, would erode their death and disability benefits.
Gov. Schwarzenegger said he will instead meet with legislators in hopes of crafting compromise legislation. But if an agreement is not reached, “our pension reform proposal will go to the ballot in June 2006,” the governor said. “And we will win because that is what the people demand.”