Posted: Tue. June 9, 2015
Senior Fellow Lawrence McQuillan, author of California Dreaming appears on KPBS radio in San Diego. McQuillan discusses the public pension system in California and offers a detailed plan on how to fix the underfunded system. His plan would convert public pension systems across the country into defined contribution plans, similar to private 401k-type retirement plans. This would protect taxpayers from bailing out failed public pension systems and also protect current retirees from having bankruptcy courts take away their promised pension benefits. McQuillan also talks about other reform ideas to fix the man-made financial disaster facing many cities and states across the United States.