The big pension bait and switch

Local officials, particularly those in California’s 400-plus cities, have been complaining loudly in recent years about pension costs, raising the specter of insolvency if they continue their rapid increase.
Last year, the League of California Cities issued a report declaring that “pension costs will dramatically increase to unsustainable levels.”
The California Public Employees Retirement System (CalPERS) confirms that projection in a new report.
The report reve