Daniel Weintraub: Lifetime Retirement Care: What's the Cost?
San Gabriel Valley Tribune › May 25, 2007
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Summary
FOR decades, California has been promising its employees health care for life in retirement if they worked at least 10 years for the state. For as long as that promise has been offered, however, no one ever bothered to add up how much it would cost to keep.
As more employees retired, and lived longer, and health care costs rose, the bill kept rising. The state paid it every year for those already retired. But still no one thought to figure out how much it would cost to keep paying that bill for all the employees still working for the state who would eventually retire and claim their benefit.See the full content of this document
Extract
Daniel Weintraub: Lifetime Retirement Care: What's the Cost?
Finally, prompted by a new national accounting standard, state Controller John Chiang has done the math. Chiang announced last week that the state is on the hook for about $48 billion. That's how much he says it will co...
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