Last month, I wrote a dour column for the Spectator doubting that a significant new appeals court decision in a major pension case would ultimately change the financial trajectory of our state’s pension systems. Bottom line: A court finally agreed that oversized pensions for public-sector workers could be cut going forward, just as is allowed in the private sector.
It was great news, given the so-called “California Rule” has left cities with no choice but to slash public services and raise taxes to pay pension benefits that typically are reserved for multimillionaires. (That’s no exaggeration. One would need millions of dollars in the bank to have a guaranteed six-figure, cost-of-living-adjusted salary for life.)
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