SACRAMENTO, CA - JULY 21: The California Public Employees' Retirement System building in Sacramento, California July 21, 2009. CalPERS, the state's public employees retirement fund, reported a loss of 23.4%, its largest annual loss. (Photo by Max Whittaker/Getty Images)
The journalist Ed Mendel dissects an important finding of the new Little Hoover Commission report on pensions: that nearly 200 local governments in California have kept on raising pensions, despite the changes in the market. Only 26 local governments in the study reduced them.