Pink Slips and Pension Red Ink

The chickens have come home to roost in the California municipal pension community. After waiting past the November 2010 elections to avoid political limelight, the state's largest pension fund belatedly gave local government officials a rude awakening about their projected pension cost increases. One city, Pasadena, has responded by laying off management workers in an effort to rein in personnel costs that are now obviously unsustainable in light of skyrocketing pension bills.