Magsig on retirement
question:
Fresno County has one of the most generous retirement systems in the state. How would you control the costs? answer:
The current system was negotiated in good faith by previous supervisors so we really couldn’t change it, even if we wanted to. Going forward, however, we should create a new retirement system for new hires that combines both a defined contribution and a less generous defined benefit. It will take years for the county to grow out of this problem but it can be managed.
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