The Little Hoover Commission spent six months examining the finances and governance of public pensions in California.  Their key findings are as follows:

1.  Pension costs will crush government.

2.  The math doesn't work.

3.  The system lacks discipline.

4.  The system lacks oversight and accountability.

You can read the whole report here.  It runs about 100 pages. It's completely persuasive.  

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See Also:

• Illinois Sees Strong Demand For Its Pension Bond

Source: http://feedproxy.google.com/~r/businessinsider/~3/BRt3HENHJaY/pensions-costs-will-crush-government-2011-2

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