Audit: ‘Legal’ pension spiking costs $800 million

Published September 10, 2014 12:27am ET



LOS ANGELES (AP) — Thousands of California public workers have sweetened their retirement checks with a now-outlawed accounting maneuver that will cost nearly $800 million over two decades, an audit disclosed Tuesday.

The report by Controller John Chiang came as California faces tens of billions of dollars in future pension payments for government retirees that the state doesn’t have the money to pay.

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