” Brown said. “But you can’t say that five minutes after you sign your employment application, for the next 30 or 35 years that not one benefit can be changed. That’s a one-way ratchet to fiscal oblivion.”
Another difficulty is that CalPERS is a maturing pension system in which retireeswill soon outnumberactive workers. While strong investment earnings yielded $24 billion last fiscal year, the new report said CalPERS paid $21.4 billion to nearly 670,000 retirees and beneficiaries, up from $20.3 bi...