Merced County's coffers only hold 71 percent of the money needed to pay out future pension plans.
Despite the sobering statistic, many Merced County leaders said they aren't concerned about the $240 million shortfall in their eventual retirement liability.
The county's not going out of business anytime soon, so there's no need for 100 percent coverage, they argued. Instead local leaders said adjustments needed to be made to the way pension benefits are figured, a move that would ratchet down retirement benefits mailed to future county retirees and cut the pension fund's obligations.
Read the complete story at mercedsunstar.com