A lot of States, Counties, and Cities across the country are finding out that their "generous retirement plans" of 50, 40, 30, 20, and even 10 years ago are coming back to bite them....big time.
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People are living longer. A lot longer. And people are retiring "as soon as they can" so they can enjoy their "retirement years" longer. More people are living into their 80s, 90s, and even into their 100s today than they were 50 years ago. That causes a financial burden on any retirement system that allows someone to "retire" at 60, 55, 50, or even "at 40 with 20 years of work." 
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PERA might not be as "good" as LAPD was decades ago (50% of your pay for the rest of your life with 20 years service), but even PERA "upped their generosity" years ago during the "years of plenty" that is causing them to struggle during the "lean years."
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And PERA's "generosity during the years of plenty" is not something that the taxpayers should be forced to bear the brunt of...now or ever.
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The Guv is right.