San Jose Mayor Discusses California Pension Costs

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Aug. 1 (Bloomberg) – San Jose Mayor Chuck Reed talks with Bloomberg’s Alison Vekshin about the state’s pension costs. Bloomberg News compiled data from the California Public Employees’ Retirement System for more than a dozen cities facing the financial strains of rising pension costs and declining revenue. The data show how local governments struggle to support six-figure lifetime benefits for some retirees even as they cut police and fire services for current city residents. (Source: Bloomberg)

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