Changes needed as state, locals pay more $100,000 pensions

"In his authoritative calpensions.com blog, Ed Mendel reported on a study that found public employees are making more money, retiring earlier and living longer. Factoring that into pension costs could add as much as 12 percent to employer contributions for police and firefighter pensions, and a CalPERS committee already voted to recommend adopting the actuarial study. Meanwhile, another warning about pension costs came from a Stanford University study that says the state’s public pension funds are underfunded by as much as $500 billion."