Calpensions: In a new step to expose hidden debt, the Governmental Accounting Standards Board last week proposed that retiree health care debt or “unfunded liability” be reported on the face of government financial statements, not buried inside.
A superior court judge overturned a freeze on retiree health care for Los Angeles city attorneys this month, citing some of the same case law that made public pensions a vested right that can only be cut if offset by a new benefit.
Los Angeles has the best-funded retiree health care among the nation’s big cities, a new study found, and it’s also paying a big price for a policy praised by many but practiced by only a few.
The city’s rare attempt to set aside money now to pay for retiree health care promised in the