Pension liability concerns are growing for Nevada County, as well as numerous special districts and school districts, according to the latest Grand Jury report. The report estimates the liability for 28 of 31 local public agencies at over 336-million dollars. As employee pension payments continue to also go up, Grand Jury foreman Tom Achter says that also means the availability of funding for new county programs and services, as well as continued operations, may be impacted…
The Grand Jury says some public agencies, including the county, currently still have adequate resources to meet pension obligations. But many do not. Achter also refers to a legal ruling, when Stockton had to declare bankruptcy. The ruling stated that pensions were fair game to help pay off debts…
Achter says it’s a statewide problem and part of Nevada County’s huge liability may be due to an older workforce, compared to other counties. But he says the Grand Jury did not investigate whether we’re significantly worse off than other parts of the state. The report calls for better transparency from public agencies about the issue for their employees.
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