US EditionHow Newsom’s New Labor Deals Save Money Now by Taking a Break From a Big ...
- California Governor Gavin Newsom's office negotiated eight agreements with public employee unions to pause state spending on retirement health care benefits for two years, saving money now while deferring future payments.
- The agreements include furloughs and suspension of contributions to retirement health care, which removes 1.7% to 4.5% of earnings from employee paychecks.
- The Service Employees International Union Local 1000 announced a new labor agreement that also suspends contributions to retirement health care for two years.
- Although the suspensions save money now, they create long-term risks as estimated unfunded liabilities grow, according to legislative analyst Nick Schroeder.
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To save money now, Newsom’s new labor deals pause spending on one of California’s biggest debts
California has a huge long-term debt to pay for the retirement health care benefits it promised to state workers. But today, Gov. Newsom wants immediate budget savings and public employees want money in their pockets.
·Sonoma, United States
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How Newsom’s new labor deals save money now by taking a break from a big debt payment
This story was originally published by CalMatters. Sign up for their newsletters. Gov. Gavin Newsom’s office is making benefit deals with public employee unions that save money today in part by putting off payments that were meant to bring down costs tomorrow. His office this month negotiated seven agreements with unions that pause state spending […] The post How Newsom’s new labor deals save money now by taking a break from a big debt payment a…
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Leaning Left3Leaning Right0Center1Last UpdatedBias Distribution75% Left
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