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Editorial; Placentia wisely exits fire contract

Jan 16, 2020 - Orange County Register (California)

Even after remarkable stock-market gains in recent years, California cities are feeling the crunch as compensation costs for public employees consume growing shares of their budgets.

The main culprits are pensions — those defined-benefit deals that give police and firefighters 90 percent of their averaged final years’ pay starting as early as age 50.

In Placentia, for instance, the Register reported that 75 percent of new revenues from a recent sales tax increase will eventually...