Bowing to political pressure, Orange County Treasurer Shari Freidenrich changed her vote at Monday’s meeting of the OC Retirement System on amortization periods for current and future unfunded liabilities.
I took a few moments this morning to review the staff report for tonight’s Costa Mesa City Council Study Session regarding their 5 year financial forecast. In order to inflate the costs of employee pension contributions, the staff has forecast that the employees would no longer contribute to their pension costs after the current contracts expire.
It seems that in the past week, the Los Angeles Times has finally rediscovered Orange County. In particular, Costa Mesa and the boiling controversy created by extreamist in the GOP who are hell-bent on destroying public sector employees, their benefits, and their ability to collectively advocate and bargin through their unions.