California's top pensioners earn $400K for minimal work

California's public pension system is facing a significant financial challenge, with more than 63,000 retirees receiving annual pensions of at least $100,000, some exceeding $462,000. These lavish payouts contribute to a pension shortfall exceeding $153 billion and increase pressure on local government budgets. The rise in high-benefit retirements is linked to pension law changes enacted in 1999, which significantly expanded benefits and led to sustained growth in pension obligations.

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